Financial fraud affects millions of Americans everyday. Here at Value Check Cashing, we hate it! We’ve seen the devastating affects it has had on the account holders, the businesses, banks, and even the people carrying out the crimes. That’s right! Even the people carrying out the crimes pay a price. (We know. We see them get arrested often ;-))
Anyway, there are things you can do to protect yourself from being a victim of fake checks. Here are a few:
Be Cautious– If you receive a check in the mail from someone you don’t know, don’t just assume it’s a miracle from God. It could be, but most of the time it’s probably not. Cautiously investigate the origin of the check and reason it was issued before attempting to use the funds.
Visit the Issuing Bank– If the bank the check is written from has a local branch in your area, hop in your car and pay them a visit to inquire about the check to find out more information. Some banks are hesitant to give information over the phone, but showing up in person with your check and the ID often leads to different results.
Wait To Use the Money– If there are not local branches of the bank in your area, deposit the check into your account with specific instructions to your bank that you do not want access to the funds until the check fully clears. Many banks will gladly help you with this, and will keep your account in good standing if the check bounces but the funds are still available to recoup.
If It Sounds To Good To Be True… It probably is. If you receive a check overpaying you for a product or service with instructions to wire the rest of the funds back to the sender, YOU HAVE A FAKE CHECK. This is the oldest scam in the book, but has gotten so many people into financial trouble. Don’t be a victim.
There’s a whole government task force out there assembled for the sole purpose of fighting against fake check scams. Go check out the Consumer Federation of America Fake Check Task Force to learn more on how you can protect yourself and help others from becoming the victim of check fraud.
Also, if you would like our help verifying your check, submit your check in our Pre-Verification portal. Our team of expert investigators will help you determine if your check is valid or not.
