Check fraud is staging a comeback Criminals continue to seize the turmoil caused by the COVID-19 pandemic In people’s lives and finances.Recently, Wells Fargo I sent a message to a bank customer Warn you to be on the lookout for check scammers.
One age group (18-24 year old group) is particularly vulnerable because they are not very familiar with what to look for in a check.
A fake check scam asks a stranger to deposit a check (sometimes thousands of dollars, usually more than you have to pay) and send some of that money to another person. Scammers always have a good story explaining why you can’t hold all your money. They may say they need to cover taxes and fees, you need to buy supplies or something.
These scams work because fake checks look like real checks, even to bank employees. Often, the name and address of a legitimate financial institution is printed. They may even be actual checks written on a bank account belonging to a victim of personal information theft.
By law, banks are required to make their deposits available quickly, usually within two days. When funds are available in your account, the bank may say that the check has been “cleared”, but that doesn’t mean it’s a good check. It can take several weeks for the bank to determine that the check is fake after it has been deposited. Also, the amount of the check and the amount sent to the fraudster may be insufficient.
Here’s how to avoid fake check fraud:
● Do not use money from checks to send gift cards, money orders, or wire transfers to strangers or people you have just met. Many scammers require you to send money through a money transfer service such as Western Union or MoneyGram, or buy a gift card and send your personal identification number (PIN). Sending money or giving someone a gift card PIN is like giving someone cash. And it’s almost impossible to get it back.
● Ignore offers that ask you to pay for prizes. If it’s free, you shouldn’t have to pay to get it. Scammers often say that you need to act quickly to receive a prize. Otherwise, you may lose your gift. It’s a scam. Don’t fall into it.
● Please do not accept checks above the price. Scammers often follow up if the amounts do not match. They contact you and ask for a refund of the price difference, claiming that they probably made a mistake. It’s a big danger signal and must be a scam.
Make sure fraud is on the rise – here’s how to stay secure:
https://www.identityiq.com/scams-and-fraud/check-scams-are-on-the-rise-heres-how-to-keep-safe/?utm_source=rss&utm_medium=rss&utm_campaign=check-scams-are-on-the-rise-heres-how-to-keep-safe Make sure fraud is on the rise – here’s how to stay secure: