Escrow Fraud

The Better Business Bureau is sounding the alarm about something called "escrow fraud." the Bureau says escrow fraud victims are usually preyed upon when they're shopping for a big purchase online, especially a used car. They find a deal that sounds too good to be true. It could be a car that is several thousand dollars below blue book value. The seller will tell the potential buyer to use a specific escrow company to protect their both interests. The escrow company requires that payment be wired through a money-wiring company, and says then the car will be delivered. After wiring the money to a phony escrow service, the buyer never gets the car and can't get in touch with the company. Remember, when you wire money, it can't be traced on the other end.

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