Domain name resales are in the spotlight. And Unfortunately, there are some shady individuals who have taken notice. As such, they are a common target for theft, scams and hackers who are getting more inventive by the day.
The myths that registrar appraisal bots perpetrate to mislead potential buyers may be part of the reason for seedy elements in today’s market. But theft has been a problem since the first domain squatter made his million in the 90s.
Nowadays, the potential that domain names are going to sell for millions, thousands, or at all, is unlikely without keen SEO work and sales skill. Even the coveted four character dotcoms are suspended at 0 bids across the web. It only takes a moment to skim through Sedo or Affernic to see that.
Still, the game is real. A lottery crossed with an economic crossword puzzle that pays out like a vegas jackpot when all the right circumstances collide. And the global market is full of desperate con artists who would do whatever it takes to lockdown that big money domain. Even lying to the escrow to acquire a full refund is on the table. They want easy cash and the low-risk high-reward nature of tricking you into initiating a transfer with little to no rights afterwards is just too sweet to pass up.
So how do we avoid this? How can we possibly protect ourselves? Well, you need to take precautions and treat it like the asset that it is. First and most importantly, DO NOT USE PAYPAL. I will say it again NO Paypal transactions!
Paypal favors the buyer in most disputes. So if the buyer requests a refund, they will usually get it. Leaving the burden of retrieving your stolen property entirely on you! Don’t be a victim. Stay away from Paypal.
Next, make sure you have a contract, signed and notarized before moving forward. If you must use Paypal or the transaction is over $2,000, I would recommend using a remote-video notary service to validate the transaction.
Take an extra step if you are so inclined by reading all of the terms out loud with both parties stating clearly; “yes, I understand and agree to these terms” before signing the deal. Screen record the meeting so there can be no doubt in your claim, effectively minimizing any risk of loss that online trades incur.
Internet notary services are affordable and far more legally binding than any escrow checkbox or digital signature. The video will serve as your most important piece of evidence in the event you are had by a particularly clever thief. Trust me, this is more important than you think. Nothing is worse than being told by registrars, payment services, or police that there is nothing they can do to help.
The reality is that an unwitnessed document with plaintype names on it are too easily faked or tampered with to and hold up in court. There is far too much plausible deniability. They can claim fraud, deny the service was ever fulfilled, or just lie and cast doubt on your claims.
As such, it is NOT a valid protection. Just a headache from the huge financial loss. But technology is your friend in this. So take be smart, protect your assets and don’t get ripped off!
Originally posted on DustyDoesDOTcom
The myths that registrar appraisal bots perpetrate to mislead potential buyers may be part of the reason for seedy elements in today’s market. But theft has been a problem since the first domain squatter made his million in the 90s.
Nowadays, the potential that domain names are going to sell for millions, thousands, or at all, is unlikely without keen SEO work and sales skill. Even the coveted four character dotcoms are suspended at 0 bids across the web. It only takes a moment to skim through Sedo or Affernic to see that.
Still, the game is real. A lottery crossed with an economic crossword puzzle that pays out like a vegas jackpot when all the right circumstances collide. And the global market is full of desperate con artists who would do whatever it takes to lockdown that big money domain. Even lying to the escrow to acquire a full refund is on the table. They want easy cash and the low-risk high-reward nature of tricking you into initiating a transfer with little to no rights afterwards is just too sweet to pass up.
So how do we avoid this? How can we possibly protect ourselves? Well, you need to take precautions and treat it like the asset that it is. First and most importantly, DO NOT USE PAYPAL. I will say it again NO Paypal transactions!
Paypal favors the buyer in most disputes. So if the buyer requests a refund, they will usually get it. Leaving the burden of retrieving your stolen property entirely on you! Don’t be a victim. Stay away from Paypal.
Next, make sure you have a contract, signed and notarized before moving forward. If you must use Paypal or the transaction is over $2,000, I would recommend using a remote-video notary service to validate the transaction.
Take an extra step if you are so inclined by reading all of the terms out loud with both parties stating clearly; “yes, I understand and agree to these terms” before signing the deal. Screen record the meeting so there can be no doubt in your claim, effectively minimizing any risk of loss that online trades incur.
Internet notary services are affordable and far more legally binding than any escrow checkbox or digital signature. The video will serve as your most important piece of evidence in the event you are had by a particularly clever thief. Trust me, this is more important than you think. Nothing is worse than being told by registrars, payment services, or police that there is nothing they can do to help.
The reality is that an unwitnessed document with plaintype names on it are too easily faked or tampered with to and hold up in court. There is far too much plausible deniability. They can claim fraud, deny the service was ever fulfilled, or just lie and cast doubt on your claims.
As such, it is NOT a valid protection. Just a headache from the huge financial loss. But technology is your friend in this. So take be smart, protect your assets and don’t get ripped off!
Originally posted on DustyDoesDOTcom
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