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Watch for Fraudulent Cashier's Checks

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Bank Forward received a call March 27 from an individual out of state who was sent a cashier’s check that appeared to be drawn on Bank Forward in response to a "Paid to Drive" offer through the internet. The payee was sent more money than he expected and was instructed to wire a portion of the funds via Western Union to an Auto Support team. The recipient thought that sounded suspicious so he called Bank Forward to verify the validity of the check. This check was fraudulent.

 

If you are presented a cashiers check from Bank Forward, we are happy to verify funds on our cashier’s checks. Simply call 701.293.9540 and ask for the operations department.

 

Unfortunately, scams like this are fairly common. If you’re faced with a situation that looks anything like this, you’re probably dealing with a scam artist. Whether you’re buying in person or online, make sure you know all the red flags of cashier’s check fraud so you can avoid expensive scams.

 

As with everything, ask yourself if the situation makes sense. Why would a person you’ve never met entrust you with thousands of dollars? If they can contact you, they can surely give adequate instructions to have the bank complete a cashier’s check correctly. If the excessive amount was in fact the buyer’s fault, wouldn’t the buyer pay the small fee to have an accurate check printed instead of giving you (a stranger) the opportunity to hold on to the extra cash? Finally, if they can come up with the money, they can surely afford to pay an extra cashier’s check fee to write a separate check to their “associate”.

 

The take away? If you don’t know your buyer, don’t assume that a cashier’s check is just as good as cash. Armed with this knowledge, hopefully you can do business safely and avoid cashier’s check scams.

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Guest Friday, 29 August 2014