ESCROW FRAUD Avoid IT
Here are some tips on how to tell an escrow site is a fraud.
The laws governing escrow are controlled by State law, but almost every State requires licensing, bonding or both. Check you State website for information on escrow law in your State. Check the infomation provided on the escrow website and make sure it is legitimate.
Legitimate companies in the United Kingdom are all registered at Companies House. You can access this information online at the Companies House site.
If the escrow company claims to have been in business for several years, check a domain registration search site and see how long the domain has been registered for. A company that lies about this is probably lying about everything. Also check the details on the company and make sure they are consistent. Sometimes, just by looking at the domain registration information, it is possible to detect the site is fraudulent. One site you can check domain registration information is XWHOIS.
A VERY important way to tell an escrow site is fraudulent, is to see how they require you to fund the payment that will eventually go to the seller. ANY SITE THAT REQUIRES A WESTERN UNION WIRE TRANSFER TO FUND YOUR PAYMENT IS A FRAUD. Pay attention to this as it is KEY. If a site requires payment via a Western Union wire transfer or Moneygram IT IS A FRAUD. If the site requires an electronic bank transfer, proceed with GREAT caution, but if they require Western Union wire transfer or Moneygram STOP, do not proceed, do not deal with the seller who suggested the site and do not deal with this escrow site, or you will have your money and/or merchandise stolen.Subscribe to TAGnotes
NEED TAG TO RESEARCH AN ESCROW SERVICE FOR YOU? GO TO OUR RESEARCH PAGE TO LEARN MORE ABOUT THIS SERVICE
TAG provides several research services to assist users against fraud. TAG will research any escrow company, or any transaction you are considering and inform you if the site or transaction is legitmate or not. Our fee for this service is $10.00 via Google Checkout. To receive immediate service, just email us the details and Click on the Blue Buy Now button, pay the fee, and we will get back to you quickly with the results of our research, information about the site, company or transaction and it's legitimacy or lack thereoff.
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