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Will this escrow alternative work, or will I get burned
carterhaines
Posts: 155
I am working with someone in prague, czech republic to finalize an expensive ($1000-1200) coin deal. As I cannot necessarily trust someone like that, I worked with him on a plan so that no one gets scammed. He is in a rush, and has declined my requests to employ an escrow service. The plan that we have almost agreed on is that I will go to www.westernunion.com and purchase a money transfer for the correct amount, but not under his name. I will give him the information about the transfer (senders name, recipients name, and MTCN [western union money transfer control number]) so that he can verify that the money transfer exists. He will then send me the coin. After I receive the coin, I have Western Union change the name of the money transfer to hism thus finalizing the deal. It seems decent to me, but does anyone have any thoughts of even the most unlikely ways that I could be scammed?
Retail coin dealers, the only people who can buy a $10 coin for $2, and sell it for $30.
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Do you like this coin enough to risk getting burn?
-Jarrett Roberts
Were I you, several things about this would raise alarms with me:
1-outside U.S. jurisdiction. It would cost you more to attempt to prosecute any possible scammer and/or recoup a loss than what you would lose.
2-he is in a hurry. What is the hurry?
3-seller refuses to use an impartial third party that would protect you both. Why?
4-you asked yourself a question in the thread title-"will I get burned?" That question occurs to you for a reason.
I do not know much about coins, but I know quite a bit about scams and thieves. The aforementioned alarms would tell me not to engage in the western union deal. It is not hard to fake an identity, and you don't know if the terminal operator will be entirely attentive to verifying it.
When a voice inside your head tells you something, it's a good idea to listen to it. There is a good book entitled "The Gift of Fear," the author of which escapes me. The ideas in that book have served me well and once saved my life, and can be applied, I think, in your case.
Just my opinion, respectfully submitted.
k10
I guess they have to get up pretty early in Prague to out smart you.
There are 4 phases to a con: the bait, the hook, the sting and the brush off. The brush off is the hardest, because you have to keep your mark from coming back at you. When the mark comes looking for IVAN GOTUMONEY in Prague, well, you make the brush off way too easy.
There are no unlikely ways you will be scammed - since the simple way seems to work good enough on you
To collect a Western Union transfer you only need to know the the name (real or imagined) and MTCN.
Once you tell him that, he has your money and it's a done deal.
Wire $50 to your local Western Union office for IMA MARK, then go in and give them the MTCN and tell them IMA MARK and you'll walk out with $50. This way all you will be out are the fees so you'll get a much cheaper lesson.
I don't mean to be mean, but if you can't see that elephant charging up 5th Avenue, you best get some new glasses.
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since 8/1/6
Tipoffs:
He's in a rush. Why?
He won't agree to escrow.
That's all I would need to know. I'd pass.
Go BIG or GO HOME. ©Bill
Total Copper Nutcase - African, British Ships, Channel Islands!!!
'Do not meddle in the affairs of dragons, for you are crunchy and taste good with ketchup'
I'm not very "scam" savy, but here is the tip off that something is wrong...
First, you didn't mention if this was your idea or his (obviously if it was his, that another red flag) so I'll skip this as a Red Flag.
He is in a rush, and has declined my requests to employ an escrow service
After I receive the coin, I have Western Union change the name
No time for an escrow service (where you both send the stuff at the same time) but he has time for 1) Initiate a Western Union money transfer, confirm the existance of the transfer, put the coin in the mail, wait for the coin to arrive, and get Western Union to update the money order, then finally go pick up his money.
This "plan" isn't going to significantly speed up the process compared to an escrow service. Then again, yes it does when the seller picks up the money in step 2 and skips all the rest of the steps.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
BTW guys, there's a wealth of experience with foreign dealers (and buyers) on the Dark Side. We don't bite -- at least not as hard as you Litesiders
Come on over ... to The Dark Side!
chris
Okay, this person just agreed to accept escrow if I was the high bidder on the auction (at my expense). Do you think I should do the deal?
scammers who will agree to an 'escrow' service and it turns out that the 'escrow' service is simply a
front that they maintain as part of the scam.
Total Copper Nutcase - African, British Ships, Channel Islands!!!
'Do not meddle in the affairs of dragons, for you are crunchy and taste good with ketchup'
Come on over ... to The Dark Side!
Liberty: Parent of Science & Industry
groooannnnn
<< <i>Okay, this person just agreed to accept escrow if I was the high bidder on the auction (at my expense). Do you think I should do the deal? >>
LMAO - Mark that's a great idea. Go for it
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since 8/1/6
Since the seller <<<is in a rush>>> I think I find a good place in a #10 envelope to hide 12 $100 bills, slap a 67¢ stamp on it & throw it in the mail box.