Don't Fall for Money Transfer Scams - Had A Houston Client Bankrupted!

J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization
Posted on Dec 30, 2013

There are lots of money transfer scams going around these days, don't fall for them. How do these scams work?

Generally, you get a call from someone who says:
•you won a prize but you have to pay “taxes” on it
•a friend is in trouble and needs your help
•you can get a loan — even if you have bad credit — but you have to pay a small fee first

Whatever the pitch, the caller’s only goal is to get your money ­— not to give you something in return. And this is remarkably common.

I had one lady that was put into bankruptcy by one. She met a man that she became friends with. She grew to trust him. He told her that he was opening a business, and he gave her a large check to deposit in her bank account.

She deposited the check, and a day or so later, she wired money to a Japanese company, following her friend's instructions, to fund the new business.

Only there was no new business. And her new "friend" disappeared. And the check bounced. And it was charged back to her account. All $170,000 of it. And the bank first took all her money out of her account, and then sued her for the rest of the $170,000. She had to file bankruptcy.

Don't be a sucker. If it sounds too good to be true, it is. They don't ask you to pay money if you win the lottery. No, the Nigerian prince does not need your bank account to deposit his $100 Million. If someone wants to use your bank account, it is likely a fraud. Me? I just assume every such proposition is a scam.

Don't lose your money to a scammer, make that your resolution for 2014!

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