Thieves use paper check scams

#Middlebury

Back in the day the typical way we received money was via check. Getting a check in the mail, perhaps a paycheck or refund, was common. Now thieves have decided to capitalize on what is most familiar to us … paper checks.

Why are they using paper checks? Because electronic transfers can be instantaneous; paper checks take a few days to clear … just long enough to scam you.

You might be told you’ve won a prize when a check arrives in the mail, or that it’s a refund or payment for a service. Mystery shopping is a perfect example. After you do a few shops, they might tell you that you’re so reliable they have a bigger job for you: investigating money-transfer companies. They’ll send you a big check, which you’ll deposit into your account, and your job is to quickly wire the money back as a test. The bogus check won’t have cleared yet, however, and the money you wire them will be your own cash.

A fake check in the mail isn’t the only way you can run into a scam. If you decide to sell a few things via online auctions, you might be tempted to accept a check from the buyer. Don’t do it. Make yourself familiar with a pay service such as PayPal, and especially don’t accept a check that is over the amount you’re expecting. You’ll likely be told to send the “extra” money back.

If you receive a check you’re not expecting, don’t cash it until you get all the details about where it came from and why you’ve received it. If you decide to deposit it, tell your bank what you’re doing so it can keep an eye on things. Do not spend the money. Wait a few weeks to see what happens.

© 2018 King Features Synd. Inc.