TT Payment Scam
How to avoid TT payment scams?
TT Payment Scam
This article will address another swindle that has been carried out by scammers to rip off B2B companies on any transactions. These scams have greatly fragmentized the trust of B2B businesses when it comes to payment procedures. Similarly, telegraphic transfer (TT) is a well-known payment settlement service solution provided by banks to their customers. This is mainly the fastest, most reliable, and less expensive means to transfer money across the globe. The whole payment process can be done through electronic means and the beneficiary takes hold of the payment within 24 hours.
However, there are loopholes present in this payment service as the TT enables the buyer to put the funds into the TT account but due to some reason, the buyer secures a right to withdraw the money within the next 3 hours from payment timing. The same thing is identified by the scammers and did or performing many scamming practices by targeting this weak zone.
Likewise, a private B2B company has encountered such instances by issuing purchases that cost $10,000 to buyers or in a better way a scammer. They both agreed on TT payment services for performing a shipment and the buyer has transferred the particular amount into the TT account just to give assurance of authenticity. The seller found the amount in the account and shipped the order. The scammer did the same and be very next moment, the amount has been withdrawn from the account which led the seller into severe financial loss. The banks have scanned that scam and introduced many precautionary measures in order to avoid any mishap.
The only solution to overcome this ambiguity is that once the seller has received the funds in the TT account, the seller should pull out all the money and deposit it into another account either personal or professional. Therefore, the money will be set down into the other account instantaneously and the chance of being ripped off will be permanently eliminated.
This technique helps the seller to share the information of TT accounts in every part of the world without keeping any reservations from scammers. Since the money is already transferred to another account and it cannot be retrieved as the money has already been swept out from the account to which it was deposited.