- 321
Came across this on Monday:
GEICO | Check Scam -
Posted it on our Blog and thought we should share here as well...
GEICO | Check Scam -
Posted it on our Blog and thought we should share here as well...
Geico Check Scam
- Thread starter radiusbob
- Start date
- Staff
- #2
- 603
The following site has information on how people lose thousands of dollars with these fake check scams:
FakeChecks.org
FakeChecks.org
- 7,790
Dammit, I just deposited a GEICO check at an ATM. Do you think it will bounce?
Just kidding. Thanks for posting the information.
Just kidding. Thanks for posting the information.
- Thread starter
- #5
- 321
Have a friend whom is a branch manager at Wells Fargo and he says on average the branch encounters 1-2 people a week that are on the wrong end of a check cashing scheme...While some what comical, hard to believe people do fall for the Nigerian Scam.
- 14,808
This is much different than the Nigerian scam. There's a scam running where you actually get a check for say, $10,000 but you give them $5,000....cash.
Here's how one scam works. Someone approaches you with a check from the state lottery, for say $10,000. They state they cannot cash it since they're here illegally but will split the proceeds 50/50.
And they'll prove it's not a scam since you can deposit their $10,000 check before them the $5.000. Scam proof....right? I mean, you're giving them $5,000 after the check cleared!
What you don't know is you deposit the $10,000 check in your account and typically funds are available either a day later or possibly three. That does NOT mean the check cleared!
The person takes the $5,000 cash out of their bank, hands it over to the con artist and off they go. However, one week to two weeks later that check eventually bounces and you're out 10K.
This scam also works for payroll checks.
Here's how one scam works. Someone approaches you with a check from the state lottery, for say $10,000. They state they cannot cash it since they're here illegally but will split the proceeds 50/50.
And they'll prove it's not a scam since you can deposit their $10,000 check before them the $5.000. Scam proof....right? I mean, you're giving them $5,000 after the check cleared!
What you don't know is you deposit the $10,000 check in your account and typically funds are available either a day later or possibly three. That does NOT mean the check cleared!
The person takes the $5,000 cash out of their bank, hands it over to the con artist and off they go. However, one week to two weeks later that check eventually bounces and you're out 10K.
This scam also works for payroll checks.
- 14,808
Check fraud is rampant. A MD case about a year ago - some girl opened accounts at like 8 banks. She had enough money in each account to pass the check verification systems stores use.
But those stores only verify that the balance to cover the merchandise is in the account at the moment of time. After she bought tons of stuff she'd withdraw the money from the accounts hence all the checks would bounce.
But those stores only verify that the balance to cover the merchandise is in the account at the moment of time. After she bought tons of stuff she'd withdraw the money from the accounts hence all the checks would bounce.
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I would also agree with healthagent: check fraud is indeed rampant. Someone hacked into my son's Facebook account and attempted to do a similar scam with his friends. From what I hear, it's very convincing stuff.
Actually, in that scenario they would only lose $5,000 unless they spent the money before the check bounced.
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