Once the exclusive province of a relatively obscure class of criminal, check fraud has exploded into one of the most rapidly growing financial crimes to threaten Americans since identity theft. The reasons for this are simple: The information age plus exponential advances in photo sensor technology. Ironically, the same anti-counterfeit measures implemented on U.S. currency which caused a drop in American money forgery resulted in the rise in personal check, cashiers check, and money order fraud.
The American bankers association has taken notice. Under new uniform commercial code (UCC) changes banks no longer have sole responsibility for check fraud losses, which are now shared between bank and customer. With billions of dollars lost each year to this crime it’s up to Americans to protect themselves.
The following tips might be helpful:
-If you receive a check or money order in the mail from a contest or lottery you’ve never entered, be suspicious. The enclosed letter will instruct you to deposit the item and wire back a portion to cover processing fees. When your deposit is found to be counterfeit you will have lost the amount you have sent to the crooks.
-A recurring email scam also uses counterfeit checks and money orders. A bogus company (usually overseas) wants to hire you to process their payments. Your job is to deposit the payments in your bank account then wire them the money (minus your 10%). You are accountable for the money you withdrew against the fraudulent checks and money orders.
-Many retail thefts are committed using forgeries. Sometimes a customer will ask to pay with a cashier’s check or money order with a higher face value than the purchase price. Don’t be fooled. In this transaction you lose the value of the item plus the change you gave the thief.
-The best fake checks and money orders look very real. If you have any doubts take the item to a professional at your bank and have them verify it.
Baroski And Associates, Inc.
John David Baroski
954.721.1815
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Baroski.com
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