Did someone send you a check and ask you to return some money? That’s a scam!
Fake Check Scams
- You win a prize and are told to send back taxes and fees.
- You get paid as a “secret shopper” and are told to wire back money.
- You sold an item online, and the buyer overpays.
In all cases:
- You get a check.
- They ask you to send back money.
That’s a scam.
Why is the Money in your Account if it’s a Fake Check?
Banks have to make deposited funds available quickly. It’s the law. But the bank may not learn for days that the check was bad. By then, the scammer has your money. And you have to repay the bank. Remember: just because the check has cleared does not mean it is good.
What To Do:
- Be wary. Talk to someone you trust and contact your bank before you act.
- Never take a check for more than your selling price.
- Selling online? Consider using an escrow or online payment service.
- Never send money back to someone who sent you a check.
Spot this scam? Tell the Federal Trade Commission: ftc.gov/complaint
Learn more at ftc.gov/scamalerts and aba.com/consumers.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or email@example.com.