Tips to Avoid A Fake Check Scam

TIPS ON HOW TO AVOID FAKE CHECK SCAMS   

Fake check scams have become more prevalent as online auction sites and classified ads have gained popularity. LifeStore Bank wants to educate customers by exposing the scam and offering tips to avoid becoming a victim.

There are many variations of the fake check scam, but the common thread is a stranger proposing to send the victim a check and have the victim wire money in return. The stranger may be someone offering to buy something you advertised for sale, pay you to work at home, or give you an advance on a sweepstakes you won.

Regardless of how the contact is initiated, the bottom line is this: if someone you don’t know wants to pay you by check but wants you to wire money back, it’s a scam

Today’s technology enables fraudsters to create fake checks that look so real it is often difficult for experts to determine they are fake with the naked eye. Since federal law mandates that banks must make deposited funds available quickly, a customer may be able to withdraw money on a fake check, even if it is a cashier’s check or money order which can be forged as well.

To avoid becoming a victim, LifeStore Bank offers these points to remember:

• There is no legitimate reason for someone who is giving you money to ask you to wire money back;
• If you are uncertain a check is good, wait until the check has “cleared” to spend the money;
• If a stranger wants to pay you for something, insist on a cashier’s check for the exact amount, preferably from a local bank or one with a branch in your area.
• Our local Financial Consultants are always willing to answer any questions you may have about a suspicious check.

If you have any questions or think you may have been solicited for a possible fake check scam, please contact a LifeStore Bank Financial Consultant today by calling 336-246-4344.

LifeStore Bank, Member FDIC

The articles in this blog are for informational purposes only. Before making decisions about your financial situation, consult a financial professional for advice. Blog articles are not regularly updated, and information may become outdated.