New and different fraud on the Internet

— 1:09 AM on January 26, 2000

Take a look at this ZDNet article on the latest Internet scam. It's a pretty clever little scenario; the victim sees an expensive electronics product selling on an auction site. A note at the bottom states that the seller will sell the item directly for hundreds less than retail. The victim contacts the seller and is told that he'll just ship them the item first, then they can wire him the money. What trust! Sounds great, right?

Sure, except the "seller" then uses a stolen credit card number to order the item, and thus sticks the victim with stolen merchandise. The victim then wires the money to an untraceable account, and the "seller" just made a bunch of conveniently laundered cash. You can't fault these people for not being creative, I guess....

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