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Hot topics
Periodically, this page
will bring you current information about your place in the financial
world. Please check this page often to find out the latest
information.
Hot
Topics
Fake
Check Scams
| Check
Fraud
|
Identity Theft
Fake
Check Scams
|
Don't Fall for Fake Check Scams.
·
If someone you don’t know wants to pay you by
check but wants you to wire some of the money back, beware!
It’s a scam that could cost you thousands of dollars.
-
How do fake check scams work? There
are many variations of the scam. It usually starts with
someone offering to:
-
The scammers often claim to be in
other countries and say it’s too difficult to pay you
directly, so they’ll have someone in the U.S. who owes
them money send you a check or money order.
-
The amount of the check or money
order may be more than you’re owed, so you’re instructed
to deposit it and wire the rest to the scammer or to
someone else. Or you’re told to wire some of the money
back to pay a fee to claim your “winnings”. In some
cases, the scammer promises to transfer money directly
to your bank account. You provide your account
information for an electronic fund transfer. Instead,
the crook sends your bank a phony check or money order
with instructions to deposit it in your account. When
you check your balance, it looks like the funds have
arrived. Whatever the setup, the result is the same –
after you’ve wired the money, you find out that the
check or money order has bounced.
Can My Bank Tell if the
Check or Money Order is Good or Not When I Deposit it?
-
These fakes look so real that even
bank tellers may be fooled. Some are counterfeit money
orders, some are phony cashiers checks, and others look
like they’re from legitimate business accounts. The
companies whose names appear may be real, but someone
has dummied up the checks without their knowledge.
-
Under federal law, banks must make
the funds you deposit available quickly – usually within
one to five days. But just because you can withdraw the
money doesn’t mean the check is good, even if it looks
like a cashiers check or money order from the post
office. Forgeries can take weeks to be discovered.
If the Check or Money
Order Turns Out to be Fake, Isn’t that the Bank’s Problem?
-
You are responsible for checks and
money orders you deposit. That’s because you are in the
best position to determine how risky the transaction is
– you’re the one dealing directly with the person who is
arranging for the payment to be sent to you. When the
check or money order bounces, you owe your bank the
money you withdrew. The bank may be able to take it from
your accounts or sue you to recover it. In some cases,
law enforcement authorities could bring charges against
the victims because it may look like they were involved
in the scam and knew the check or money order was
counterfeit. How do Scammer Find Their Victims?
-
Fake check scammers scan newspaper
and online advertisements for people listing items for
sale, and check postings on online job sites from people
seeking employment. They place their own ads with phone
numbers or email addresses for people to contact them.
And they call or send emails or faxes to people
randomly, knowing that some will take the bait.
Will My Bank Call and
Ask for Information Such as My Social Security Number,
Account Number, Etc.?
-
No one from your bank will call you
and ask you to give them your account number, Social
Security number, or other personal information.
-
Your bank already has this
information and they will not have some other group or
organization call you for this information.
-
Anytime someone that you don’t know
calls you and wants you to provide personal information,
be suspicious and don’t give them the information. The
IRS, the FDIC, the bank auditors, etc. are not going to
call you for personal information. If someone calls you
and requests this information it is most likely a scam.
How Can I Protect
Myself from Fake Check Scams?
-
There is no legitimate reason for
someone who is giving you money to ask you to wire money
back – that’s a clear sign that it’s a scam. If a
stranger wants to pay you for something, insist on a
cashiers check for the exact amount, preferably
from a local bank.
-
If you think someone is trying to
pull a fake check scam, don’t deposit it – report it!
Contact the National Consumer League’s National Fraud
Information Center,
www.fraud.org or (800) 876-7060. There are
also more detailed tips about fake check scams in the
telemarketing and Internet fraud sections of the web
site.
Protecting Your Identity
-
Substantial measures are in place at
your bank to protect your identity and your accounts
against theft and fraud. For example, stringent bank
privacy policies protect you personal and financial
information. Password protection for online
transactions helps assure online security. When
using our online services, you develop a secret password
that only you
know.
-
Do not give out financial information
such as checking or credit card numbers, or your Social
Security number, unless you know the person or
organization.
-
Report lost or stolen checks
immediately. Your bank will block payment on them.
-
Notify your banker of suspicious
phone inquiries such as those asking for account
information to “verify a statement” or “award a prize”.
-
Closely guard your ATM Personal
Identification Number and ATM receipts.
-
If your bills include questionable
items, don’t ignore them. Instead, investigate
immediately to head off any possible fraud.
The Bottom Line
|
Check Fraud
|
|
New technology has helped make checking account fraud one of the
fastest growing crimes in the nation. We have training programs
and other safeguards in place to help detect check fraud;
however, one of the first lines of defense against fraud is you:
-
Never respond to unsolicited requests for your checking
account, social security number, or other financial
information.
-
Destroy "convenience checks", those allowing cash advances on
credit cards and temporary checks before discarding.
-
Destroy unused checks, from closed accounts.
-
Do not have your social security number or driver's license
number preprinted on your checks.
-
When mailing checks, use a heavy weight envelope or wrap
checks in paper to conceal them from view.
-
Safeguard checks at home and on your person.
-
Notify us and your post office if newly ordered checks or your
regular statements do not arrive on time.
-
Know how many checks you order and make sure you check this
number and the accuracy of the information on the checks when
they arrive.
-
Notify us immediately of any stolen checks and close any
compromised accounts.
-
Promptly review and reconcile checking account statements for
accuracy.
-
The next time you order checks, have only your initials
(instead of first name) and last name put on them. If someone
takes your checkbook they will not know if you sign your
checks with just your initials or your first name but your
bank will know how you sign your checks.
-
If your credit cards are lost or stolen, cancel them
immediately. But the key is to have the toll free numbers and
your credit card numbers handy so you know whom to call. Keep
those numbers where you can find them.
-
File a police report immediately in the jurisdiction where it
was lost or stolen. This proves to credit providers you were
diligent, and is a first step toward an investigation (if
there ever is one).
-
Call the three national credit reporting organizations
immediately to place a fraud alert on your name and Social
Security number. The alert means that any company that checks
your credit knows your information was stolen or lost and they
have to contact you by phone to authorize new credit.
The numbers are:
Equifax: 1-800-525-6285
Experian (formerly TRW): 1-800-397-3742
Trans Union: 1-800-680-7289
Social Security Administration (fraud line):
1-800-269-0271
These few steps may help you to avoid the frustration of
checking account fraud. |
Identity Theft
|
|
Identity theft, when someone steals personal information such as
a personal bank account or a social security number and then
poses as that person, is a growing problem. We work very hard at
protecting these numbers for you. Here are some precautions you
can take as well:
-
Do not give out
personal financial information, especially your social
security number, on the phone, unless you initiated the call
and you know who you are talking to.
-
Report lost or
stolen checks and credit cards immediately.
-
Review new
deliveries of checks and credit cards immediately.
-
Store new and
cancelled checks in a safe place.
-
Do not give out
your ATM personal identification number, (PIN) to anyone.
-
Make sure you
properly dispose of financial information including financial
solicitations that arrive in the mail by shredding or tearing
them up.
-
Study your bills
carefully and question any suspicious charges immediately.
-
Periodically
check your credit report. For a small fee you can attain a
copy of your credit report at any time, or log on to
www.freecreditreport.com.
-
When you are writing checks to pay
your credit card accounts, DO NOT put the complete account
number on the "For" line. Instead, just put the last four
digits. The credit card company knows the rest of the number
and anyone who might be handling your check as it passes
through all the check processing channels won't have access to
it.
-
Place the contents of your wallet on
a photocopy machine, do both sides of each license, credit
card, etc. You will know what you had in your wallet and all
of the account numbers and phone numbers to call and cancel.
Keep the photocopy in a safe place. You might also carry a
photocopy of your passport when you travel either here or
abroad. We've all heard horror stories about fraud that's
committed on us in stealing a name, address, Social Security
number, credit cards, etc.
Together we can help head off identity theft and account fraud
before they happen. |
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