Top 5 Check Cashing Scams
July 19, 2010
Total Loss:
$1 Billion per year
Here are the top 5 check cashing scams. Check cashing scams were the most reported fraud in 2009. 42 percent of the complaints to the National Consumer League were about these scams.
- Advance fee scam is one of the top five check cashing scams. In this scam, a person is informed that they have won a contest but must cash the check then write one from their account to cover handling fees or taxes.
- Watch out for employment scams. A person will respond to an ad for a position then will receive instructions that they will be receiving checks and must deposit them in their account. After depositing the checks, they are to keep usually ten percent and send cash to the employer. The checks they deposited will turn out to be fake.
If you receive a check or employment offer that sounds too good to be true it probably is. Never cash a check from someone or a company you do not know.
Source:
Mademan.com
Posted in:
Check Fraud