Thursday, January 13, 2011

Students Scam eBay and PayPal

Two Vietnamese exchange students have been charged with defrauding hundreds of eBay and PayPal users. The students, Tram Vo and Khoi Van, were apparently “mules” within a larger identity theft organization based in Vietnam. Their fraudulent activities netted them over a million dollars, much of which was transferred directly to offshore accounts in Canada and Vietnam.

The scheme was intricate but direct: hackers and other fraudsters in Vietnam gained access to genuine credit card and bank account information, either through “underground sites” or other means. The financial information was then funnelled to the students, who used it to set up PayPal and eBay accounts.

source: Zippycart

3 comments:

ulfwolf said...

Great post.

Perhaps I can just add to this that the best way I know to guard against being ripped off by online sales or auctions of any kind, Craigslist and eBay included—and whether seller or buyer—is to use a *bona fide* online escrow company. Especially for pricier items like antiques, jewelry and autos. Although it does add some cost, it takes the uncertainty out of the transaction, and that’s a small price to pay for peace of mind.

For my money, the best bona fide online escrow (and there seems to be ten fraudulent escrow sites for every bona fide one) is probably Escrow.com (http://escrow.com). In fact, it’s the only one that eBay recommends, and is the only online escrow company that is licensed to provide escrow services all across the United States.

PS. For more information about avoiding online scams and frauds, go to Online Escrow at Wordpress.com (http://onlineescrow.wordpress.com/)

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