Don't Be Fooled-Scams Are On The Rise!

Have you ever sold anything online? If you have, then you know the feelings of excitement that you get when someone offers to purchase your item. Everything seems to be going great! Then, you receive a check in the mail for MORE than what you asked for. You are instructed to send a portion of the money back to them via a specific money sending service. Sounds fishy, right? Well, trust your gut, because you almost got scammed! This is currently the most common scam there is and it is on the rise, according to the Federal Trade Commission.

I know you don't want to be scammed! Here are some tips to keep in mind:

•  If they send you a check for more than the amount you asked and instruct you to send any of that money back, there's a very good chance it’s a scam. You should also never send money through money sending services that you cannot track, especially to someone you don’t know personally!
  
• Just because you deposit a check doesn’t mean it’s a good check. Checks go through a series of steps BEFORE the funds are actually pulled from the third party's account. A financial institution must make funds available to you within a certain time period. Therefore, by the time the financial institution is informed that the check is fraudulent, the funds may have already been spent.
  
• If the check is fraudulent and you have spent the funds, YOU are responsible for the amount withdrawn against that check.

• Don’t accept sad stories from strangers asking for money. Many scammers will tell you they have a sick family member and need money immediately. This is still a scam and unacceptable!

If you ever question the authenticity of a check you receive, bring into your financial institution to verify the check.

The point here is: don’t “cash” any check from someone you are not familiar with, regardless of how nice the person sounds. Follow this link for more information from the Federal Trade Commission on Check Scams.

Written By: Kelly V.