financial scams

Think Before You Deposit

Check or money order schemes may start in different ways, such as when you respond to a job ad by email or sell something online. But they often work the same: The person you’re doing business with sends you a check or money order. They ask you to deposit it in your bank, keep the amount you’re owed, and wire the rest back to them. What happens next?

1. The money you wired is sent back to you.
2. Days later you’re left holding the bag when the check or money order bounces.
3. You receive a letter in the mail that includes extra cash as a bonus.

“B” is correct. Victims are responsible for covering the bounced checks or money orders and are out the amount they wired. These scammers often reside outside the U.S. Their messages often sound urgent, include broken English, or confuse female and male names or prefixes (such as referring to a male sender as “Mrs.”) To avoid falling prey, be alert.