London police warning about a recent Overpayment Scam

Online buyers and sellers, particularly those that use websites like Craigslist and Kijiji, are potential targets for overpayment scams. 

A person selling merchandise is contacted by someone claiming to be interested in buying the product. The purchaser arranges to make the payment by cheque and even offers more than the value of the product, asking for the extra money to be sent back to them by cheque or wired to an account. The cheque turns out to be fraudulent, leaving the shipper out of both funds and product. 

If you sell a product and the purchaser agrees to pay by cheque for more than the asking price, stop right there! The money being wired back will be lost, and the person who cashed the bogus cheque will be on the hook for the whole sum. 

Online buyers should watch out for deals that appear too good to be true, like items selling for below market value. Sellers of these items claim to reside out of town and will ask for shipping costs to be wired to them, when in fact the goods listed don’t even exist. 

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