By law, banks are required to make the funds available as soon as possible. But, by the time the bank discovers the check has bounced and is fraudulent, it’s too late. Not only does the scammer have the money you’ve paid back to them, but you also now have to pay back the bank.
To help you spot a scam, always be wary of the following:
- Anyone sending you more money than the selling price for anything you sell online.
- Anyone asking you to send money back to them after sending you a check.
- Anyone informing you of winning a foreign lottery or getting paid as a secret shopper.
- Anyone asking you to pay for a prize. If it’s a legitimate prize, then it should be free.
As always, it’s important to stay alert and vigilant. Resist the urge to act immediately to any offer. Proceed with caution and, if it looks too good to be true, it probably is. Feel free to contact your trusted team at your local First Bank branch if you have any questions regarding fake check scams. Don’t be afraid to ask--we’re always here to help!
If you feel you’ve been a victim of a fake check scam, please report it to ftc.gov/complaint.
Source: American Bankers Association (ABA)