Seiko SLA017: Navigating Online Sales and Payment Fraud Risks

DoesNotTickTock · 2020-08-15T15:33:19Z

A collector shares a cautionary tale about losing a Seiko SLA017 to PayPal fraud. Learn about secure payment methods and seller protection for luxury watch transactions.

DoesNotTickTock

WPS member · Horological Meandering forum

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Jarrod, known as DoesNotTickTock on the forums, shares a cautionary tale about a PayPal transaction gone awry, resulting in the loss of his Seiko SLA017. His experience highlights the critical importance of secure payment methods and seller protection in online watch transactions. This thread serves as a vital resource for collectors navigating the complexities of selling high-value items online, offering insights into preventing and addressing payment disputes.

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Hi guys,

I recently sold a watch using PayPal goods and services. I received the funds and shipped the watch via Fedex the next day.

Three weeks later I received an email from PayPal stating that the buyer opened a dispute against the purchase. The buyer also made a chargeback claim with his bank.

I provided supporting documents and evidence but PayPal/his bank ruled in his favor. The funds were deducted and he still has my watch.

The watch sold was -

SEIKO SLA017 (62 MAS reissue) Limited Edition #1232

If anyone has any information on the whereabouts of this watch please let me know.

Thank you for your time.

Kind regards

Jarrod

*Please delete if not allowed*

About the Seiko Seiko Prospex Ref. SLA017

The Seiko Prospex SLA017 is a limited-edition re-interpretation of the brand's first diver's watch, the 62MAS, originally released in 1965. This modern iteration was launched in 2017 as part of Seiko's Prospex line, known for its robust and professional-grade timepieces. It pays homage to its historical predecessor while incorporating contemporary watchmaking advancements.

The SLA017 features a 39.9mm stainless steel case with a super-hard coating, paired with a black unidirectional rotating bezel. It is powered by the automatic caliber 8L35, a high-grade movement assembled by Seiko's skilled craftsmen. The watch is fitted with a domed sapphire crystal with an anti-reflective coating on the inner surface and offers a water resistance of 200 meters.

As a limited edition of 2,000 pieces worldwide, the SLA017 holds significant appeal for collectors of Seiko diver's watches and enthusiasts of vintage-inspired designs. Its faithful recreation of the original 62MAS aesthetic combined with modern performance and finishing makes it a sought-after reference within the Prospex collection, representing a key piece in Seiko's dive watch heritage.

Specifications

Caliber: 8L35

Case: Stainless steel with super-hard coating

Diameter: 39.9mm

Dial: Black

Water Resist.: 200 meters

Crystal: Domed sapphire with anti-reflective coating

Key Points from the Discussion

Sellers should be aware that PayPal's protection policies may not always favor the seller, even with supporting documentation, and chargeback claims can result in significant losses.
For high-value items, courier services like FedEx might offer options to retrieve packages or address recipient accounts in cases of fraud, which the postal service typically cannot.
Many collectors advocate for wire transfers or cash in person as the most secure payment methods for watch transactions, citing negative experiences with PayPal's account freezing and customer service.
While generally considered irreversible once accepted by the recipient bank, some argue that wire transfers can be recalled under specific circumstances like proven fraud or if the beneficiary agrees to return funds.
The consensus among several contributors is that wire transfers are irreversible once accepted by the recipient bank, especially after leaving 'pending' status, to maintain credibility for traders.
To enhance security with wire transfers, some suggest requiring the sender to initiate the transfer in person at their bank, especially for larger amounts, to ensure identification and prevent future fraud claims.
Knowing details about the buyer, such as a verified PayPal account and confirmed address, can offer some safeguard, though it is not a guaranteed protection against all forms of fraud.

The Discussion

mpg13

Aug 15, 2020

Disputes and chargebacks are always a concern with ebay and PayPal

If I may ask, What did the buyer give as a reason for his chargeback?

DoesNotTickTock

Aug 15, 2020

I had not heard of chargebacks before this.

He said that he did not authorize the transaction. He brought up the dispute with his bank and paypal.

mpg13

Aug 15, 2020

So he claimed that his credit card number was fraudulently used. That is a difficult situation to deal with.

It helps if the buyer has a verified PayPal account and confirmed address but even that's not guaranteed to protect you. Even wire transfers can be reversed. Knowing something about the buyer is the only real safeguard. I'm sorry for your loss. Best, Martin

pongster

Aug 15, 2020

A wire transfer can be reversed?

After it hits recipient’s account?

PoyFR

Aug 16, 2020

Yup, you have 0-48H to reverse your wire

If you have a reasonable excuse your bank can recall your transfer, it can work as long as there are funds in that account. But, usually scammers are sitting by an ATM machine or at the bank's desk to empty the account the second the transfer arrives. Another example : A guy make you a wire transfer and gets a hard and soft copy, Send all the material/proof to you, goes back to the bank cancel his wire and received whatever purchased The list is so long! Whilst many do fight crimes, IMO the bank

pongster

Aug 16, 2020

Does this apply to international transfers also?

It passes thru correspondent bank/s. So i think it would be unwieldy. I can imagine for a simple bank to bank transfer within same jurisdiction and you invoke fraud/money laundering. Moreso if same bank transfer. Easy to reverse.