Fake escrow sites on the rise

Thursday, 18 March 2004, 2:17 PM EST

Fake escrow sites are increasing in number and sophistication, police and online watchdogs have warned.

Legitimate escrow companies offer online shoppers protection from fraud by acting as a third-party referee for buyer and seller in online transactions.

For a small cost determined by purchase price and method of payment (usually around 2.5 per cent of the selling price), the escrow company takes payment from buyers but will not release it to sellers until the goods are delivered.

By Dinah Greek at vnunet.

[ Read more ]




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