Contributor: Binny Kuriakose
People dream big when buying expensive items like a car or a property. When those dreams are seen with very affordable price tags it certainly attracts everybody’s interest. There are lots of websites available that allow people to post free classified advertisements online and one of the biggest categories is that of used cars. This is the new breeding ground for the old escrow tricksters.
This blog will discuss an interesting case of how a free classified advertisement and an escrow service turned out to be an online scam.
What are escrow services?
Escrow services are essentially mediators in trade that ensure all terms, agreed by both parties, are met. Escrow companies take the payment from the buyer and ‘hold it’ until the seller delivers the goods to the buyer and all the terms of sale are met. If you are buying an item from an unknown party without meeting face-...