Duped Out of $10,000: A Fraudulent Buyer Scam

The Fraudulent Transaction

• 💡 A YouTuber who buys and sells vintage guitars was duped by a fraudulent buyer into selling a $10,000 guitar.
• ⚠️ The buyer used a stolen credit card, which was flagged as suspicious by the credit card company shortly after the purchase.
• ⏳ The seller held the guitar for a day until the funds transferred to their bank, then shipped it after a 20-minute conversation with the buyer, who seemed knowledgeable about vintage guitars.

Red Flags and Escalation

• 🚩 The first red flag was the buyer's lack of communication after the guitar was shipped.
• 🚨 Eleven days after the sale, the seller was informed by the credit card company that the card was stolen and the money would be reclaimed.
• 📉 The seller attempted to dispute the charge but lost, and the credit card company stated the seller has 90 days to repay the $10,000.

The Credit Card Company's Role

• 🧐 The seller believes the credit card company failed in their process by allowing the transaction to proceed after being alerted to the suspicious activity.
• ⚖️ The seller found the cardholder on LinkedIn, who confirmed they reported the card stolen the same day it was used for the purchase.
• 🗣️ The seller plans to fight the credit card company, arguing they should not be liable due to the company's own procedural failures.

Strategy and Resolution

• 🤝 The seller is considering obtaining an affidavit from the cardholder to support their dispute.
• ✊ The advice given is to stand firm and fight the credit card company, potentially escalating to the FTC or consulting a lawyer.
• 💰 The consensus is that the credit card company may write off the $10,000 to avoid further hassle, especially given the seller's proof of the company's negligence.

The Guitar and Future Plans

• 🎸 The specific guitar sold was a 1969 Martin D28, a valuable instrument made with Brazilian Rosewood.
• 📈 The seller, having been debt-free for 10 years through the Ramsey program, is financially stable enough that this loss, while significant, will not break them.
• 🤔 The seller's dream guitar is a pre-war Martin OM42, while James's preference is a Gibson J45.