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Not only can scammers easily reach that, but you don't know if it's a stolen account or something.
Actually I do not know anybody that is at some insane level (lets say 500+ or something) where the level itself costs several hundrets or thousands of dollars and starts scamming. If you put that much effort into your account you are not just dumping it away with reports or even bans.
Sure lower levels are absolutely meaningless. I mean you could reach level 100 fairly easy with a maximum investment of $50. Even my level didn't cost that much to be honest here. But saying that levels in general give no clue about reputation is basically wrong. Even if you put the money aspect aside there is the crafting process which takes forever even with scripts that do the crafting for you. And no one puts that much money and work into an account just to throw it away with trade scams or cheating or whatever
That is a stupid way of looking at it...
Of course could the account be stolen but if thats the case then you can't even trust yourself because who knows if you infected your computer with what ever malware is out there that injects your Steam client when doing a trade?
We are talking about a situation normal: some person that dropped a little fortune into his account and one guy that needs to trust said person.
I've yet to seen someone with a decent level on the forums complain they've lost their account. They would've had the basic knowledge to know what they should be doing if their account gets hijacked. Also Google...