Q. Why should consumers be alert to fake check schemes?
- These frauds are a growing problem, and millions of American consumers are being targeted by scam artists based in other countries.
- Wiring away money that appears to have come from a fake check could destroy your financial foundation.
- Not only could you be out the money you wired, your bank could charge return fees or overdraft charges to your account.
- You are responsible for the money you put into your bank account, and also for what you wire out. If the check is a fake, you’re required to make good on the loss.
- When we stop potential victims from accepting fake checks, we prevent a crime from taking place.
- Just about any business account you could imagine can be made into a counterfeit. The latest complaints include cashier’s checks, checks that look like they’re drawn on business accounts, money orders, traveler’s checks, and gift checks.
- A common theme exists in all of the scams: Just because a deposited check shows up as “funds available” in your account register, it doesn’t mean the check is good or has cleared.
- Federal law gives consumers the right to have quick access to the funds from deposited checks (usually within 1 to 5 days). However, it can take weeks for counterfeits to be discovered.
- The consumer is then responsible for ALL fees associated with the fake check. No one who wants to GIVE you money should ask you TO SEND THEM money back.
- For more information, visit www.FakeChecks.org.