A serial fraudster by the name of Elengo Papacostas has earned a reputation due to the several online frauds he has committed. This buyer had received multiple complaints from sellers who put up event tickets for sale on eBay, and have the money swiped back on Paypal’s system classified as a disputed transaction.
eBay uses Paypal as their online payment to handle the auction site’s multiple online transactions. The offending account of the certain Elengo Papacostas has now been closed and Paypal is already working with authorities to catch this criminal.
No one is sure if Elengo Papacostas really exists as a real person or is simply a fabricated name but that name does not appear in the country’s electoral roll. What this fraudulent identity usually does is to make a purchase of event tickets from eBay and have the seller hand over the tickets and receive the payment as well.
But weeks or even several months later, this buyer will issue a charge back on the payment, which means that clients can withdraw back their money when the products they have purchased did not arrive or do not appear as described by the seller.
Paypal receives this charge back notification and allows 10 days for the account owner to confirm this change. At this point, sellers have the power to stop the charge back and they should do this within the specified time given to them.
Such news of this specific scam is all over the news and online buyers and seller alike should know how to engage in online business wisely. This news should be a lesson to many online sellers to safeguard their business from fraudulent buyers.
Before selling anything online, it is important to assess customer feedback especially if you are dealing with auction sites like eBay. It is important to know how positive the feedback is from the client and also check their information and any of their previous transactions, if there are any. It is important to always be careful when transacting business online because you can never be sure who is behind the computer making the transaction.