Check fraud is one of the more common forms of fraud. In early September, the Better Business Bureau (BBB) released a report warning about a spike in fake check scams. These scams have now reached approximately 500,000 victims each year.
The largest pool of victims of fake check scams, believe it or not, are in their 20s. They are far more familiar with PayPal than with paper checks, making them an easy target for the scam.
Aside from ordinary checks, this scam can also be pulled off with cashier’s checks and money orders. Regardless of the medium used, each of these scams will involve a scammer “overpaying” a victim and requesting that a check be cashed with the difference being deposited into a designated account belonging to the scammer.
The fake check or money order will seem to clear from the financial institution. It is only a few days later, when the victim’s payout to the scammer is deposited and the account does not have sufficient funds to cover it, that the scam becomes clear.
If you have question regarding your account, checks, or possibly fraudulent activity, please call 800.877.4444. We are here to help you 24/7.