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TT Payment Scam

TT Payment Scam

This article will address another swindle that has been carried out by scammer to rip of B2B companies on any transactions. These scams has greatly fragmentized the trust of B2B businesses when it comes to payment procedure. Similarly, telegraphic transfer (TT) is a well known payment settle service solution provided by bank to their customers. This is mainly a fastest, reliable and less expensive means to transfer the money across the globe. The whole payment process can be done through by electronic means and the beneficiary take a hold on the payment within the 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 with such instance by issuing the purchases that cost $10,000 to buyer or in better way a scammer. They both were 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 into the account and shipped the order. The scammer did the same and to be very next moment, the amount has been withdrawal from account that has led the seller into severe financial loss. The banks have scanned that scam and introduce many precautionary measures in order to avoid any mishap.

The only solution to overcome on this ambiguity is that once the seller has received the funds in TT account, the seller should pull out all the money and deposit into other 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 account in every part of the world without keeping any reservation from scammers. Since, the money is already transferred to another account and it cannot be retrieved as the money has already swept out from the account to which it was deposited.