This page describes a real fraud type affecting SWIFT wire transfer users. If you believe you have been targeted, do not send money and contact your bank immediately. Verify any SWIFT payment free using the UETR tracker at the bottom of this page.
Overpayment & Cheque Kiting SWIFT Scams
In an overpayment scam, a fraudster sends (or claims to have sent) a SWIFT wire for more than the agreed purchase price, then urgently requests the victim to wire back the "excess" amount. The original payment either never arrives, or arrives as a fraudulent cheque/transfer that later reverses — leaving the victim both out-of-pocket for the refund they sent and without the original payment.
How This Fraud Works
The victim is selling something — a car, property, equipment, services — and agrees on a price with the buyer.
The "buyer" sends a payment (or fake MT103) for significantly more than the agreed price, claiming it was a mistake or that a middleman added funds by error.
They urgently ask the victim to wire back the excess via a SWIFT transfer or alternative payment method.
The victim sends the refund. The original payment then either reverses (if it was a bad cheque or fraudulent bank transfer) or turns out to be a fake MT103 — the victim is left with no goods and no money.
Red Flags — Warning Signs
A buyer who pays more than the agreed price and asks for a refund of the excess.
Urgency: the refund is requested immediately, before the original payment has cleared.
The original payment came by cheque (which can bounce) or as a SWIFT wire that cannot be verified on Ohmyfin.
The buyer uses a courier service or shipping agent they suggest for the goods.
The buyer is based overseas and communicates only by email or text.
How to Verify Before Acting
NEVER send a refund or "excess" until the original payment has fully cleared in your bank account — not just appeared as pending.
Paste the UETR from the original SWIFT payment into Ohmyfin. Only ACSC or ACCC status (fully settled) is safe to act on.
Contact your bank directly to confirm the funds are genuinely cleared and cannot be reversed.
For cheque payments, wait the full cheque clearance period (typically 5–7 banking days in most jurisdictions).
What To Do If You Are Targeted
Do not wire any money back until you have confirmed receipt of cleared funds with your bank in writing.
If you discover the fraud after wiring the refund, contact your bank immediately with the UETR for a potential recall.
Report to your national fraud authority.
Verify Any SWIFT Payment — Free in 30 Seconds
Paste the 36-character UETR from any MT103 or payment confirmation. If the payment is real, Ohmyfin shows the live SWIFT GPI status. If it's fake, it shows "not found". Free for individuals.
The overpayment is a technique to create urgency and obligation. The victim feels morally compelled to return the excess quickly, before they realise the original payment hasn't actually cleared. Never return "excess" funds until cleared funds are confirmed by your bank in writing.
Is ACSP status safe enough to act on?
No. ACSP means the payment is in process (accepted, settlement pending). Only ACSC (settlement completed) or ACCC (accepted by creditor's institution) means funds are genuinely settled and very unlikely to reverse. Track the UETR on Ohmyfin until you see ACSC or ACCC before taking any action.
Can a genuine SWIFT payment be reversed once settled?
Once a payment reaches ACSC status, reversal requires a formal recall (MT n92 / camt.056) agreed by the receiving bank — it cannot happen automatically. Pending or ACSP-status payments have higher reversal risk from technical issues or fraud. Always wait for ACSC before acting.