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According to data sourced from a Time Article, it stated that 1% of Gold Suppliers involve themselves in fraudulent practices in the year 2009. That doesn’t mean that you can’t trust Gold Suppliers. But you should keep in mind that they are not faultless and that brings up the important question, is Alibaba legit?

Listed below are the techniques used by scammers on Alibaba….

Not Doing Your Due Diligence

Always peruse through the company’s website. What is their lifespan? Go to Alibaba forums and check the details exclusively. Have there been reported cases of scams relating to the products or company that you are looking to transact business with?

Contact your supplier via a different medium like a phone or on Skype; maybe even travel down to China if you are ordering for a large collection of product that warrants your physical presence. However, always remember that it doesn’t stop you from being scammed or making you feel unsatisfied with the order.

Not Using Escrow Service

Rather than making a direct payment to the supplier of the goods, you pay directly to Alibaba, which will temporarily hold the money until you have confirmed the receipt of the order. If you are unsatisfied with the services rendered or you the product wasn’t delivered to you at all, Alibaba will return the funds back to you without any alteration or hindrances. Therefore, you have nothing to lose because Alibaba is a safe and secure platform.

They don’t have a solid bank account

You know you’re dealing with a scammer if they refuse to give their bank account details for online depositing of money. Instead, they will ask you to drop the money in any remittance center near your area. These frauds do not have an unreasonable low prices bank account and will only accept payments in a way they can’t be traced anymore when you find out that they are not legit. Hence, if they ask you to send the money to a remittance center, you might want to start looking for another company.

Unreasonably low prices

Legit gold suppliers know the value of their products and will never offer unreasonably low prices to their clients. No matter how tempting it is to invest in cheap goods, it should serve as a warning sign that you are dealing with a fraud. Just imagine it, if gold is really cheap, then most of the people should’ve afforded it by now and most of the sellers must’ve sold it at a similar price to what they are offering.

Some frauds will even insist that they are generous in nature hence their product is cheap. But that should not be the basis for such low prices. It’s just their tactic to lure poor victims into their scam.

They offer personal bank accounts

Aside from not offering a bank account, some frauds also offer their bank account but it’s a personal bank account. In some states, doing business transactions using a personal bank account is considered illegal. Hence, you should not make any payment if the bank account offered to you is under the name of an individual instead of their company. There are business accounts intended for various companies so there’s no reason for them to offer their bank account.

Furthermore, you should ask for their bank account license. It helps you to verify that the company has a registered bank account for business operations. It helps you to assure yourself that you are transacting with a legit and reputable gold supplier.

Request for extra charges

Alibaba is a safe site. It just means that they wouldn’t hand your money unless you confirmed that you are satisfied with the product that you received. Furthermore, they don’t also ask for any extra charges. They are fixated when it comes to their changes and make sure that there are no hidden fees you need to pay as well.

If the seller or supplier starts asking for an extra payment because of this and that, it should serve as a warning sign that he’s a fraud using Alibaba’s good reputation platform. In that case, do not waste any more time with his bogus transaction and start looking for another company.

These are just some of the techniques that scammers are using in order to steal money from their poor victims. Do not let yourself be one of these victims who lost their hard-earned money. Instead, follow the aforementioned tips and be more alert when it comes to any online transactions.

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