Can you spot a scam?

How to Protect Yourself from Fraud:

Commercial laundry machine buying and selling is a stressful experience by nature. No one has a crystal ball and can completely read the person’s mind they are dealing with. But as we always say at LaundryDealer.com, the keys to being prepared involve Information and Preparation. Fraud can occur anywhere but is certainly more prevalent with first-timers. Let us suggest some precautions you can take to avoid some of the grief caused by fraud.

Ideally, good judgment will overcome. We know that sounds biblical, but as with anything in life, it is the truth. But when good judgment isn’t enough, here a few things to take into account.

• Always secure payment before transferring ownership.
• Conduct your transaction with the specific person who is purchasing your machine, not an agent of the purchaser.
• In accepting a cashier’s check, be sure to verify the issuing bank.

Here are a few more red flags to pay attention to during the process of buying and selling a commercial laundry machine.

An offer to buy a machine without having seen it.

Offering to buy a machine without having looked at it first is just strange and should raise the hairs on the back of your neck. We smell a bad check in your future if you continue a transaction with a buyer like this. If you still go ahead with this, make sure not to sign the machine over to the purchaser until payment has fully cleared.

Overpayment.

Really? Why wouldn’t I want a person to pay me more than my machine is worth? We’ll let the Federal Trade Commission answer this one, “ Unsuspecting sellers get stuck with a big loss when scammers pass off bogus cashier’s checks, corporate checks, or personal checks.” The FTC goes on to say, “The scammer asks the consumer to wire back the difference after the check is deposited. Later, the scammer’s check bounces, leaving the consumer liable for the entire amount.” Enough said.

Payment plans.

Never allow your buyer to have the machine without completing the terms. Chances are you will only receive an initial payment and the buyer will be gone along with your machine.

If you are a victim of fraud, report it to the nearest police station to file an official complaint. You can also file your complaint with the Internet Crime Complaint Center or IC3. This agency is in partnership with the Federal Bureau of investigation, National White Collar Crime Center and Bureau of Justice Assistance.