A real-life recent scam: Credit Card Thief prays on your Goodwill

This scam operates on the basis of exploiting a person’s goodwill, often relying on the urgency and panic surrounding unexpected transactions. Here’s an outline of how it typically works:

The Initial Transfer Using a Stolen Credit Card: The scammer, using stolen credit card details, sends money to the target’s bank account. This transaction appears as a legitimate transfer, which can seem believable, especially if it shows a reputable financial source or intermediary.

An Urgent Follow-Up Message: The scammer contacts the target, usually through a text message or phone call, claiming that the transfer was a mistake. They may fabricate a story—perhaps explaining that they were trying to send money to a friend or family member but accidentally entered the wrong account number. They’ll express urgency and politely ask for the money to be returned.

An Appeal to your Kindness and Assurance of Legitimacy: Often, scammers will attempt to establish trust, reassuring the victim that it was just a mistake, and even adding emotional pressure or guilt, making the target feel morally compelled to “correct” the error. Sometimes, they promise a reward or thank the target profusely for their help.

The Victim Sends the Funds Back: Thinking they’re doing the right thing, the target sends the money back to the scammer’s account. However, the account the victim is asked to send money to will typically be separate from the original stolen card. This helps the scammer further obscure their tracks.

The Bank Reverses the Original Payment: Eventually, the credit card company identifies the original transaction as fraudulent. When the scammer’s transaction is flagged, the money sent by the stolen card is reversed, effectively removing it from the victim’s account. However, since the victim has already sent money to the scammer’s second account, they end up losing that amount with little chance of recovery.
In summary, this scam leverages the victim’s inclination to correct an apparent error, but ultimately, they are left out of pocket because they transferred legitimate funds back to the scammer, while the initial, fraudulent transaction is canceled by the bank.

The moral of this story is to always be cautious with unexpected transactions—if someone claims they’ve accidentally sent you money, it could be a scam. Trustworthy financial institutions have clear protocols for handling transaction errors, so if a stranger reaches out directly and requests a refund, take a step back. Verify with your bank or card issuer before taking any action. Scammers prey on kindness and urgency, but vigilance can protect you from these deceptive tactics.