Liberty Reserve Scam - How to Avoid it!

Liberty reserve is an online means of making and receiving payments. Just like credit and debit cards, it has its own advantages and disadvantages.

The key disadvantage of liberty reserve is in the users’ security. Liberty reserve does not request identity and document verification from its account users. That means account owners of liberty reserve are faceless. Anyone can create account on liberty reserve website with correct or fictitious information.

Does this mean that liberty reserve as a company is fraudulent? No way! It only means that you as the liberty reserve account user should be very careful while spending or using your liberty reserve for payments of goods and services online.

You don’t have to pay any Dick and Harry online with liberty reserve just because they claim to sell one product or the other. You must make sure that the merchant you intend to buy products from are well known by others.

Liberty reserve as an alternative means of payment was invented to boost faster and quicker payments online. The owner of liberty reserve took advantage of some loopholes in credit/debit card payments. With your liberty reserve, you can:

1. Make payment without verification
2. Make payments within seconds
3. Easily convert your liberty reserve to cash from liberty reserve exchangers
4. It is easily accessible to developing countries of the world that do not have credit/debit card payment facilities

However, miscreants take advantage of this loose security end in liberty reserve (i.e. non verification of account owners) to scam people on the internet. They would set up websites claiming to offer one product, service, investments, etc to the public only to close down when they have siphoned enough money from people. The victims of such crime cannot in any way trace the fraudsters. When reported, the only thing the liberty reserve company can do for you is to block the account of the fraudsters.

Though there are credit/debit card scammers on the internet as well, the bulk of the blame should go to the person that made payment because of his or her inability to do investigation before making payments.

Here are quick security measures to take in order to avoid falling victim to liberty reserve scam

1. Do not buy product from un-rusted website sites
2. Look for the smallest unit of product offered by a website and place order for it. When the order is delivered, try paying for bigger amount.
3. It’s better to buy products from trusted online shopping malls or affiliate program providers e.g. clickbank.com, amazon.com, etc.
4. It’s safer to buy products online from your own country. In that case you can easily check out the contact address on the website before making payments
5. Always ask people if they have purchased product from the website you intend to buy from.
6. Do not go for products that are extremely cheap compared to what the real cost. It could be a trap from fraudsters.

With this security measure in place, you can comfortably make and receive payments online with liberty reserve without falling victim to liberty reserve scam.