Check Scam

What is a Check scam?

Scammers use various tactics like fake job offers or payments to trick you into depositing a counterfeit check. When you deposit the check, the bank may initially make the funds available, leading you to believe the check has cleared. However, it can take weeks or even months for the bank to discover the fraud and reverse the deposit. Meanwhile, the scammer convinces you to send them money, exploiting the time gap before the bank realizes the check is fake. When the bank reverses the deposit, you’re left responsible for any money you sent to the scammer, often resulting in financial loss, bank fees, and potential account closure.

How can you stay safe?

Be careful when receiving unexpected offers or payments that ask you to deposit a check and send money back. Before depositing a check, make sure it’s legitimate and verify the sender’s identity, especially if you don’t know them well. Watch out for anyone who rushes you to act fast or insists on sending money using unusual methods like gift cards or cryptocurrency. If you’re unsure about a check or payment, seek advice from your bank or a trusted financial advisor before proceeding.

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Warded Editorial Team

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