Fake checks continue to be one of the most common instruments used to commit fraud against consumers. Before you deposit a check you weren’t expecting or wire funds to an unknown recipient, here is what you should know:
There are many variations of the scam. It usually starts with someone offering to:
Fraudsters issue you a check or money order worth more than the amount owed to you and instruct you to wire the excess funds back to them before receiving your lump sum payment. After you’ve sent the money, you find out that the check or money order is bogus.
Tips to prevent fake check scams:
The ABA Foundation and the FTC seek to raise awareness of the growing fake check scams.View the Fake Check Scams Infographic