Received payment from stolen credit card

[yoohoo]

Friend got scammed. Long story short he found out buyers CC was stolen. He still had $5k of scammers payment in his account. He took out the money and closed the account. What can happen here? Will they come after him once charge is disputed?

[username]

Friend got scammed. Long story short he found out buyers CC was stolen. He still had $5k of scammers payment in his account. He took out the money and closed the account. What can happen here? Will they come after him once charge is disputed?

Ask mrosenbaum.
http://forums.dansdeals.com/index.php?topic=34113.msg1466014#msg1466014

[3yummyboys]

I always thought that in those cases the CCs eat the cost. It's not your friends fault.
OTOH, how did he find out it was stolen and why did he close account? Sounds suspicious.

[yoohoo]

I always thought that in those cases the CCs eat the cost. It's not your friends fault.
OTOH, how did he find out it was stolen and why did he close account? Sounds suspicious.

when he told me abt I googled the details and saw right away that it was clearly a scam. If money is still in account they will take it back out once charge is disputed.....his friend who is a lawyer advised him to close the account

[pixi]

Ask mrosenbaum/Licht86
http://forums.dansdeals.com/index.php?topic=34113.msg1466014#msg1466014

FTFY

[skyguy918]

I always thought that in those cases the CCs eat the cost. It's not your friends fault.
OTOH, how did he find out it was stolen and why did he close account? Sounds suspicious.

I thought that too. If a company sells merchandise or provides a service that was paid for by a stolen cc, the cc company can't just tell them you're out of luck. They provided goods or services for payment, they should keep that payment.

[Aaaron]

Unless they suspect that the seller may be in on it.  And closing the account after withdrawing the funds looks mighty suspicious.

[smurf]

They can/will definitely come after him for the disputed 5k.
Normally when a charge is disputed due to fraud the money is immediately withdrawn from the merchants account.
Withdrawing the money and closing the account only made things worse as they will send the case to collections.

[smurf]

I always thought that in those cases the CCs eat the cost. It's not your friends fault.
OTOH, how did he find out it was stolen and why did he close account? Sounds suspicious.

Cc will only eat the cost after the merchant proves he did due diligence to ensure it wasn't fraud.

[3yummyboys]

What's considered due diligence?