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Avoid Costly Scams Involving Fake Checks and Money Orders
Consumers and businesses often lose thousands of dollars in transactions with con artists
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Recognize other warning signs of a check scam. "It's very difficult for the average consumer or business owner or even bank teller to recognize a counterfeit check, so you're usually better off looking for the basic signs of a scam instead of focusing on the check itself," said David Nelson, a fraud specialist at the FDIC.
In addition to the warning signs we've already described, here are other red flags of a check fraud (and additional commentary from Nelson):
- The reasons for receiving a check are suspicious. ("How could you win a lottery you never entered?" Nelson said. "And if you really won something and owed money, why wouldn't they just deduct that amount from your winnings?")
- You're asked to send money outside of the United States. ("That's because it is difficult to track people down in another country.")
- You're pressed to send money right away. ("They're rushing you to act before you discover that the check is bad.")
- You're warned to keep things quiet – to not discuss the deal with a bank employee or anyone else. ("It's to prevent your banker or others from warning you about a counterfeit check.")
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Winter 2006-2007 |
Depositing Check From a Stranger |
Walk Away From a Deal | |
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Last updated on 2/1/2007