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Counterfeit checks - Fake check scam. Never wire transfer money backBY: Jessica | Category: Business and Finance | Post Date: 2008-10-09
Lets start with a real life example: Recently a friend of mine who is not a very internet savvy person, got scammed on craigslist. She had was selling her used exercising treadmill for $150, by evening she already had an offer where the buyer told that he will indeed buy it for $150 but he will pay via a cheque. My friend thought the deal was done and removed her advertisement from craigslist. The guy who was buying the treadmill also told her that he will be back in town after 2 weeks and was expecting a payment from a client today evening for $300, so he will get that check made on my friends name and then she can wire back the remaining money to him. My friend thought there is no problem with that, she got a check in mail 2 days later for $300 and the address to wire the remaining money back. The check looked extremely genuine ( even though it was really a counterfeit check). My friend deposited the money in bank, then waited for a day. Next day her account was showing the extra 300 dollars she has deposited, so she wire transfered the money back to the guy. In the next few days my friend got a call from back telling her that the check was fake, and obviously the guy who was interested in treadmill never showed up. If my friend was careful, she would have read signs on craigslist which warns users about this scam, unfortunately she was not careful. Then why did the bank let her withdraw money: When you deposit money in a bank, and money is credited in your account, it simply means that money is available for withdrawal. It does not necessarily mean that the check has been found genuine yet. In reality the check gets cleared after weeks. Banks have to make money available quickly because under federal law, customers have the right to withdraw money after making a deposit relatively quickly. Obviously bank is not responsible for honoring fake checks. Counterfeit checks are a big scam: Even though my friend lost about $150 and some sleep, there have been cases where people got scammed of thousands of dollars. Always make sure that you avoid all transactions where you are required to wire back any money, especially when you yourself have been paid by check or money order. Wire transfers are not easy to reverse therefore this technique is very popular. These fake checks are printed by scammers in Nigeria, Europe and other places. Government is working hard to prevent this scam and many arrests have been made. People use fake check to scam online, even for house rent, contest scams and many more. Fake checks are a big problem via telemarketing and via internet. Scam artists use these Counterfeit checks to buy all sort of things. Consumers can learn more and report fraudulent activity at the Alliance website, FakeChecks.org. For additional information read: www.usps.com/communications/newsroom/2007/pr07_072.htm Article Source: http://www.saching.com About Author / Additional Info: Additional Articles: * Entertainment in today's stressful life * Ready made era: Surrounded by ready made products and services * How To Use Employee Satisfaction Surveys * Cigarette is injurious to health * Various causes of hearing impairment and their management Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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