How to Spot a Check Cashing Scam

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  • 4/30/11
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  • Check scams are always popping up in new forms and methods to get you to fall prey to their attempt to get money from you.  The key is understanding how to spot a check cashing scam before it is too late.  Let’s go ahead and look at some ways you can spot a check cashing scam. 

    1.  Examine the package the check comes in.  Most likely it will be a foreign company contacting you in regards of the check.

    2.  Look to see if the check comes with a detailed letter explaining what to do.   It most likely will have a number to call them back on instructions or explain in the letter.

    3.  Examine the quality of the check they have provided.  The check most likely will be of poor quality and have possible grammar errors on it. 

    4.  Utilize your common sense in this moment.  Receiving a large sum of money sounds great, but in all reality if you have no idea on why you’re receiving this money, it most likely is because you’re not really receiving anything.

    5.  Check to see if they need you to send funds back to them for reasons such as paying taxes or for a processing fees.  This is a big red flag for a check cashing scam in progress.

    Tips:
    • When verifying the check contact the institution it is drawn off of located on the actual check (you will most likely have to look up the institutions phone number.) 
    • Don’t rely on the number that is on the letter because this is part of the scam.
    • Always consult with your institution when you are not sure.  They have proper steps and measure they can take, and as well assist you in this manner.
    Warning:
    • If you deposit this check you are responsible most likely if the funds are pulled back out and it takes your account negative.
    Questions:

    1.  What’s your Check Cashing Scam Tip?
    2.  Have you been a victim of a Check Cashing Scam?

    Image Credit: Telstar Logistics
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