New Online Fraud - OLX Scam

 There is this new online fraud emerging now a days - The OLX Scam. 

Due to the COVID-19 pandemic situation, many have lost their jobs so they tried to leave the city and go back to their hometown. For which, many such people sold their house hold items, furniture, vehicle, etc. on olx (a popularly known website to sell out or buy the second hand products in much considerable rates).

Now here comes the trap. While many sellers try to sell out their house items in olx, they put the pictures of item with required rate in the website. Few scammers here pose themselves as genuine buyer and tries to connect with the seller.

The buyer almost agrees to buy the item from seller with or without much negotiation and without seeing the product (for sure). He then gives his identity as an Army officer on duty, who requires the items for his family, he himself couldn't come to collect however his family member would come and pick the item. However he would do the payment online in advance.

Here comes the real twist.

He asks the seller whether the seller has paytm or phone pay or google pay account! If no, he insists that he can only transfer the amount through these online platforms, as his office restricted him to do internet banking transactions. 

Somehow he buys the trust of the seller and convinces him to have transactions through the above accounts. 

The buyer then plays the trick. He asks the seller that he is ready to send the amount and guides the seller to put the amount (which was agreed for selling the goods) in G-pay/Paytm/Phone-pay from his bank account and the double amount will be transferred from buyer's account. He would also convince the seller that it is the army card transaction rules. 

If any doubt arises, the buyer would send an aadhaar card posing an army person, which is purely a scam as the aadhaar card was scanned from someone else (of army professional). This would certainly make the seller believe to be true. 

The buyer would ask the seller to do the transaction same way how he explained earlier, and the seller would do so. For more trust, the buyer would ask for a small transaction as testing, first (e.g. - he would ask to do a transaction of Rs. 100/- , once you do so you would receive Rs. 200/- from other side). Once the seller is convinced, the man amount will be transacted. 

And the seller's money is gone by now. The buyer would say that the transaction is on hold, please do the same amount again, and he would pay back the double amount. 

And it goes on.....

Now, what should you do if in case you encounter such situation?

1. Verify the product physically before purchasing, if you are a buyer. In case of seller, get the person physically verify the product.

2. Better to encourage cash payment, if it is small amount.

3. Verify the identity card sent by army personnel, as it turn out to be fraud.

4. Do not get trapped with any special rules for Army Cards as they mention.

5. Do not scan any QR codes sent by them

6. If in doubt, lodge a police complaint.

Read this article posted by TIMES OF INDIA on OLX Fraud in Hyderabad.

I was eventually trapped while selling out my house-hold goods on olx, but fortunately I have a friend who works in defense, I checked with him about such army cards and he advised me to be careful. Which saved me from becoming the victim of a large amount.

Stay alert always !!