This scam started about a year ago and they have made a few attempts on us as well as several colleagues (other watch dealers) but I don't see why this scam won't work on private collectors so I want you all to be aware.

You get a phone call about a watch you have listed for sale somewhere on the internet. The guy offers you very close to asking price and it is typically a more expensive piece (20K+, happened to us with an $80K piece too recently).

You agree to the deal and the "buyer" emails you their name, phone and shipping address which may be in the US or in Europe (generally). You email the wire information and the buyer says he will try to get it done today but maybe tomorrow. You get a call back to confirm a wire was made and in fact, a wire has come in. Not a fake check or deposit, but an actual bank wire. You proceed to ship the watch.

A week goes by and you are contacted by the authorities regarding a wire you had received from a fraud victim and the money is frozen along with your account. The watch and the money are now gone!!!

Thankfully even though there were about a half dozen attempts on us in the last year we have fullproof ways to combat this and have never been "stung", however, it has been time consuming and annoying. I would love to see these guys get caught but unfortunately the authorities don't care enough to take the case as it is too "small" of a dollar amount.

So, here is how the scam works:

The scammer goes on to place an ad on Yahoo Autos or Autotrader for a vehicle which should sell at around 50K but he seems like a desperate seller and only needs 35K to make the deal. Ofcourse he gets alot of action on his listing and soon finds a buyer willing to wire immediately. Now that he knows he has a potential incoming wire for 35K he needs to find a recipient so he goes hunting for a non-titled, liquid good, like a high end watch.

He sees you have a nice Patek or AP listed at 37K and calls you to offer 35K. You accept and give him the wire info. He forwards his car buyer an invoice from Yahoo Autos Escrow with the logo and all using your bank account number and routing number. The other victim sends off the 35K and it pops up in your bank account. You ship the watch, scammer intercepts delivery outside address and makes off to never be seen again. Simple, yet clever.

Guys and gals, please call your bank and ask who originated the wire before you ship out goods. Ask for the name and address on the account and if it came from Joe Smith in NJ do not ship the watch to Mike Jones in LA.

Furthermore, if you are in law enforcement and need more details and feel you can help I would be happy to see these guys get caught. I know of several watch dealer who have been "stung" and I hate criminals!!

Thanks for reading and safe trading,
Gil
The Watch Collector NY

 

Wow, thanks for the heads up.

 

Yes, thanks for the heads up. I don't know if it would help, but I know a couple of Special Agents for DHS. They recently took down a child pornography ring. I could put you in contact. My friend is in NY, and a good guy. Send me a PM if you are interested.

EDIT: I sent my buddy a message. I'll let you know what he says.

 

Thank you Gil.... now how am I going to increase my watch collection???!!





Thanx for the heads up..

 

wow that sucks

 

Nobody dare linking the Euro Rallye in this thread!!!!

 

Good to know, thanks. There are sooo many scams out there, it's worrying selling anything expensive online.

 

People try this all the time with us. We have several ways to catch it. Glad to hear you have not been burned.

 

WOW ... scary, to say the least. Thanks for the heads-up!

 

That is nuts.