Another question from newbie- bank transfer scam

Findingnemo

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Quote from: shtek on March 22, 2020, 06:44:53 AM

Hi, all.
One more newbie question.
I have Paxful offer of selling bitcoin for bank transfer in UK, I am selling 6% above market rate.
I have many requests from Nigeria offering to buy by BTC around 100 USD worth. They claim they have accounts in UK,
When I asked them to start with a smaller trade , say they refuse and stop trade. Tney euqally unhappy to provide ID.
I dont believe these people offering legitimate trade. I think they all trying to scam me, so I refused to deal with most of them. I can not understand how this scam will work. Why would someone want to buy BTC over 6% above market rate, and more importantly why they refuse to start with a small trade before we go to bigger volume? is bank transfer reversable ?
I am buffled.
Please help any ideas ?

I personally experienced this on localbitcoins.

They are sending money from hacked bank accounts is just one case but most of you guys never know the other possibility.

Scammers open online purchasing websites, when users show up to buy something they will ask them to send their money to your account so you will release bitcoins once the trade did but later only the one who sends money to your account realize that this is a fake online shopping website and they will go for chargebacks or even legal complaints.

hugeblack

legendary

Activity: 2702

Merit: 4002

Do not let greed make you enter into such trades, if you are not afraid to conduct such transactions do not do them, especially since there are some negative indicators such as refusing to provide identity and trying to start larger transactions.
There are many reasons:

- They will not use their personal accounts, but rather the accounts of other parties, and therefore would prefer to carry out larger transactions where they can withdraw bitcoin.
- Accounts stolen or hacked.
- Act as a broker and hence the need to make larger deals.

The Cryptovator

legendary

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When you will ask yourself that, why someone should buy bitcoin from you with 6% higher price from current market rate? Then you will get two answers, one is, they want to scam you and second is, probably they don't have opportunity to buy bitcoin easily but they like to hold long time. But number one is more reasonable from number two. So you should realize that dealing with them upfront would lead to scam. At least there is high possibility to get scam, isn't better to stay safe rather than getting scam? If they are legit, then why they do not look to buy bitcoin from their local country? I am pretty sure there is someone from their native country who selling bitcoin.

libert19

hero member

Activity: 2520

Merit: 952

Unfortunately, some people get scammed to these low life scumbags, then they use those stolen bank accounts to transfer money to you.

Scammer would win once they have received the Bitcoins irrespective of what happens next between original account holder and seller.

odb36

newbie

Activity: 20

Merit: 7

Yes, they are probably trying to scam you. They'll ask you where you are and will try to arrange a meeting near your place where they will give you the cash there. However, they'll ask you to first transfer the Bitcoin. And you know that they won't be there. Nigerians do this scam using all kind of payment methods like WesternUnion, PayPal etc. Beware. Those 6% profit are going to cost you 100% of the traded Bitcoin. Better look for another deal.

Upgrade00

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Quote from: shtek on March 22, 2020, 06:44:53 AM

When I asked them to start with a smaller trade , say they refuse and stop trade. Tney euqally unhappy to provide ID.
I dont believe these people offering legitimate trade.

These are both significant red flags and sufficient reason for you to quit any deals with them. It's not a question of their nation of origin, you should be wary or any trades you enter online with anyone from any country.

Quote from: shtek on March 22, 2020, 06:44:53 AM

Why would someone want to buy BTC over 6% above market rate.

No valid reason, it's most likely a ploy to lure you into parting with your bitcoins. I would advice you go for a more reliable way of selling Bitcoins, and if you compare various exchanges you could find one that will offer higher than the average market value.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

Yes, they are probably trying to scam you.

These people are likely using hacked or stolen bank accounts. They can't just transfer all the money to their own account, because it links them to the crime, means their account will get shutdown, and they will potentially be arrested. So instead they try to make tempting trades like this one, offering more money than the market rate for your bitcoin. They transfer the stolen money to your account, you send them bitcoin, and then they can mix the bitcoin and then spend or exchange it without fear of being caught. Meanwhile, your bank is likely to notice you have received stolen money, your account could be frozen, your credit rating be shot to hell, and you could be arrested.

shtek

newbie

Activity: 4

Merit: 3

Thanks TimeTeller , but I am just curious to understand how this works, if they send me money to my bank, can my bank revert the transaction if the scammer complains later, or it turns he sent money from stolen account?

TimeTeller

hero member

Activity: 2744

Merit: 588

They are from Nigeria, and claiming to have accounts in UK?
How come? Not discriminating them but you have to know the facts here.
Have you heard about the story of Nigerian prince?
Better stay away from these people. If they are legit, they will agree with initial tx of small trade.

shtek

newbie

Activity: 4

Merit: 3

Hi, all.
One more newbie question.
I have Paxful offer of selling bitcoin for bank transfer in UK, I am selling 6% above market rate.
I have many requests from Nigeria offering to buy by BTC around 100 USD worth. They claim they have accounts in UK,
When I asked them to start with a smaller trade , say they refuse and stop trade. Tney euqally unhappy to provide ID.
I dont believe these people offering legitimate trade. I think they all trying to scam me, so I refused to deal with most of them. I can not understand how this scam will work. Why would someone want to buy BTC over 6% above market rate, and more importantly why they refuse to start with a small trade before we go to bigger volume? is bank transfer reversable ?
I am buffled.
Please help any ideas ?

Topic: Another question from newbie- bank transfer scam (Read 159 times)