Fraudulent sales with GenoTrans Ltd
As our cooperation partner Watchlist Internet reports, criminals pretend that they are abroad and suggest that the purchase be processed using GenoTrans Ltd. You take over the goods and the purchase price. GenoTrans forwards both to the parties. In reality, neither the goods nor the escrow company exist. Buyers lose their money to criminals.
Criminals advertise relatively cheap products on classified advertising platforms. Prospective buyers learn that the goods are still available and in perfect condition. If you specify your interest, you will find out that the alleged sellers are abroad:
The motorcycle is in technically and optically perfect condition and is delivered with Austrian documents. It can be registered in your country without any problems.
I would like to mention that I am Estonian and live in Tallinn, Estonia. The motorcycle is in Tallinn.
The delivery time from Estonia to Austria is a maximum of 3 days. You have 7 days to inspect the motorcycle. The inspection period begins upon receipt of the motorcycle. The motorcycle is under warranty for this period.
The transport costs are €400.
I therefore ask you to decide quickly and to let me know immediately whether you would like to do business with mie.
The fact that the sellers offer goods on an Austrian classifieds platform, but later in the business initiation it turns out that they are abroad, is already suspicious. It should be a reason for buyers to break off all contact with the criminals and not show any further reactions.
What's next?
In another message, the criminals explain that they would like to use an escrow company to transport the goods and explain how the purchase process will proceed:
-The delivery company will send you a sales contract. The contract contains: * Information about your order
* A tracking number (With the tracking number, you check the transaction on the website)
– About payment:
* The price with delivery is EUR: 10,300.00
* Payment is made to the delivery company.
Please let me know if you are interested as there is 1 more step before starting this transaction.
To do this, they request personal data from the other person: “In order for the transaction to begin, I need the following: – Full name, – Address, – City, – Postal code/zip code, – Country, – Mobile phone.” Even transmitting personal information is dangerous because criminals can use it to commit crimes under other people's names.
Fraudulent company GenoTrans Ltd.
The fraudsters then send a letter in the name of Genotrans.com and explain what role the trust company plays:
Step 1:
The buyer transfers the 10,300 EUR to our escrow account at ING Bank within 48 hours. The seller receives a notification of the money transfer and hands over the vehicle including all associated files to GenoTrans Ltd. GenoTrans Ltd. Checks whether the vehicle matches the item description (mechanical defects excluded).Step 2:
GenoTrans Ltd. transports the vehicle from the seller to the buyer within the delivery period. Thanks to our Track & Trace service, the current position/status can be understood by both parties at any time.Step 3:
Buyer receives the goods. The buyer inspects the goods and confirms receipt of the goods. The buyer has the right to confirm or reject the purchase within the agreed inspection period.Step 4:
In case of purchase confirmation or after the inspection period, GenoTrans Ltd. transfers the purchase price to the seller. The legal transaction is now completed. The transaction is ended.*If the buyer is not satisfied, GenoTrans Ltd. Be contacted within the inspection period. In most cases a solution can be negotiated. If this is not possible, the goods will be sent back to the seller and the purchase price will be transferred back to the buyer. In this case the seller will cover all transport costs and transaction costs.
Please click on the “Escrow Services” and “FAQ” sections of our website GenoTrans.com
to see how our services work. In our first email there is the purchase proceeds in your name (see attachment). On the FAQ button you will find an answer to all your questions.
We offer you again to scan the bank transfer confirmation of the amount of EUR 10,300 and send it by email as an attachment. Once the amount has been credited to our account, the delivery will go out. The delivery time is approx. 3 working days. We also need a telephone number from you so that the delivery driver can contact you.Kind regards,
GenoTrans Ltd. Information Department
Ing. C. Sarbu
Buyers who comply with GenoTrans.com's payment request lose their money because they transfer it to criminals from abroad. The agreed goods are not available for this.
How do you recognize classified ad fraud?
It is typical for the classified ad fraud with the escrow company that the sellers claim that they are abroad. This is irritating because they use the services of an Austrian provider. In addition, they have to send the goods to domestic buyers and use an escrow company from a third country to do this.
In our case study it is as follows: The sellers advertise their goods in Austria, but pretend that they live in Estonia and use an escrow company from Great Britain to process the purchase. That sounds adventurous and it is!
Explanatory video about classified ad fraud
Alternatively, you can watch the video at https://vimeo.com/161727092 .
The Internet Watchlist recommends:
Only use the security infrastructure of your classifieds platform to process your purchase! It ensures that suspicious messages are filtered and thus protects you from classic forms of fraud! If possible, always arrange for goods and money to be handed over in person. This means you don't run the risk of being left without anything in return.
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Notes:
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