Check Or Deposit Scams
Many payment scams begin with a check payment to the consumer. There are many varieties of these scams, including mystery shopping, personal assistants, car wrap decals, sweepstakes prizes, and overpayments. Whatever the supposed reason for the check payment to the consumer, the consumer is given a check to deposit and is told that they can keep a portion of the check and then must send the remainder to the scammer, often by gift card, money order, or wire transfer.
The consumer deposits the check, sees that the money in their account, and then withdraws or transfers funds to pay the scammer. But then the check deposit is reversed after the check turns out to be a fake or drawn on a closed account. The consumer is fooled because having the funds available in the account does not mean that the check has cleared. The Expedited Funds Availability Act requires banks to make a portion of deposited checks available quickly, usually within two days. SeeNCLCs Consumer Banking and Payments Law § 4.5. In practice, banks often make the entire check available before it has fully cleared. But fake checks can take weeks to be untangled and have not cleared during that period.
My Debit Card Has Been Used Fraudulently
If someone has used your card in a store or online, youre covered under the Payment Services Regulations.
The regulations state you must be refunded immediately if youve had money taken from your account without your permission.
You must report the loss of your debit card, or any unauthorised payments, as soon as possible. This is because youre liable for any losses before it has been reported, up to a maximum of £50.
Thieves May Use An Email To Get Login Info
Con artists use all sorts of tricks.;
Sometimes, you can receive an;email out of the blue to try to trick you into handing over key information.;
Deidre Davis, chief marketing officer for the Michigan State University Federal Credit Union, said often the consumer gets an email that might look like it’s from PayPal or Venmo, which is owned by PayPal.;
Such emails are sent randomly. If you’re using these cash apps, you might not think twice about verifying your credentials. But you should stop before moving too quickly.;
Once the scammers get your account information, they’re soon off to the races.;
Sometimes,;hackers take login information stolen from previous data breaches and then try to use those same credentials on as many accounts as possible to see if they will work. It’s called “credential stuffing.”;
“The problem is, like everything else, we re-use passwords,”;Pascual said.;
So if your password is compromised somewhere else, hackers may be able to use it as a login for other accounts.;
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How Do I Know If It’s A Scam
Some scams can be quite obvious, while others can be more elaborate anddifficult to recognise. Knowing what to look for and how to avoid scams is thebest way to stay safe. Look out for the following signs of a scam:
- Unsolicited contact from a company out of the blue
- A deal that seems too good to be true
- You are asked to share personal details
- You are being pressurised to respond quickly or transfer money quickly
- You have been asked to pay by unusual method, for example through a transfer service like Western Union or virtual currency like Bitcoin
- Contact details are vague
- You are asked to keep the offer quiet
Banking And Online Account Scams
Find out how banking scams work and what you can do to protect yourself.;
Banking and online scams can take many forms. Find out more about some of the common ones, including:
- contact us if you have any concerns
- check the Financial Services Register;to find contact details for authenticated firms
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Scam Tactic #: Dont Ever Get Into The Specifics Of How You Make Moneyjust Give Business
You see, since were going after a very hopeless audience, we dont want to give REAL business advice. ;That stuff is too hard and work-intensive for them to care.
We have to give them business-y sounding advice like this:
BahahhahaShiinzu Miyaki isnt even a real name, I just made that shit up whilst Photoshopping the image! ;But who caresthese idiots will never research it.
These people dont actually want to do work, but they want to play entrepreneur. ;So you need to make success look like it takes 2 hours a week, can be done from anywhere in the world, and always returns huge rewards.
They dont want to see hard things. That work stuff scares them. They want to see that youve figured out some push-button-solution that will solve all their problems.
If youre not good at making up random advice like this, checkout Reddit.com/r/GetMotivated for endless images and quotes.
Target psychological emotion:;Hope.
Scam Tactic #: Dont Give Any Actual Helpful Information Just Talk About The End Benefits Of It
Remember, were trying to scam people in the least amount of time, so dont you DARE do anything helpful for these people!
Dont do helpful things;AT ALL:
Make sure you just keep pumping them up full of dreams, and only give them good information if they pay for it:
The best part isonce we get their money, it DOESNT MATTER how we tell them to make money!
Just send them some crap-tastic eBook about working hard or something. ;SUCKERS!!!
Target psychological emotion:;Buying the product will solve all problems.
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The Government Grant Scam
There are actually a lot of ways you can get free money from the government, including college scholarships and grants. But sadly, scammers also use this as an opportunity to commit frauds.
As with most of the scams on this list, this one involves the scammer pretending to be someone they arent in an attempt to steal money from people.
How To Get Your Money Back After A Scam
Places like the FTC use consumer reports to tackle scam artists.
But, most organizations dont work on individual cases.
This means that unfortunately if you have sent any money, depending on the method you used to deliver the funds, you may not be able to recover your money from scammers.
Wire transfers, for example, arent reversible.
If you sent the money using a credit card, however, then your credit card company may be able to recover the funds.
However, there are places that do help with individual cases and may allow you to get back the money youve been scammed out of.
If youve been scammed and need assistance getting your money back, check out the following resources:
- The best place to start is with your state attorney generals office which you can locate here.
- Also your local and state consumer protection agencies can assist you visit gov and then search for your state consumer protection office.
- Consider contacting the police. A local law enforcement agency may be able to assist you.
- If youve been scammed and would like to get advice from someone about it, then get in touch with the AARP it has a dedicated helpline that you can call to speak to fraud counsellors. Call the AARP helpline on 877-908-3360.
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Atm And Cash Machine Scams
This is simply another way of cloning your bank card so scammers can use it to steal your identity.
A device of some kind is attached to the card slot, or miniature cameras attached so they can see your card number and PIN.
These can be hard to spot, but sometimes there will be a device attached to the card slot. ;Ensure you always cover the keyboard when you enter your PIN.
How The Fake Check And Money Transfer Scam Works
This type of scam is also known as the Over Payment Scam.
The scam artist asks you to deposit the check into your bank account, and then wire part of the money back to them.
Scammers target sellers on auction-based websites.
What they do is they offer to pay more than the price stated on the listing.
This seems like a great offer, right?
Who wouldnt want $150, rather than $100?
Well, with this scam, like all of them, the offer is too good to be true.
Not, only do you NOT get the additional money promised, but you actually get no money at all.
What happens is the scammer says theyll pay you via check, but then cons you into sending the difference back to them through a wire transfer.
Thats right, when its time to actually cash your check, the check bounces!
As we mentioned above, wire transfers arent refundable and often arent traceable hence why many scammers use them.
The check then bounces, since it was fake, and you are left with no money and have to pay for the difference anyway.
This scam also happens a lot with money making opportunists and work at home jobs like mystery shopping jobs.
How to protect yourself from the Fake Check and Money Transfer Scam
If you are selling an item online, never accept more than the selling price for the item. This person is attempting to scam you.
Always be wary of offers where you are asked to wire a portion of the funds back to somebody.
How to report Money Transfer/Fake Check Scams
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Banking Scams: How Scammers Gain Access To Your Bank Account Information
When we put our money in the bank, we usually dont think twice about it. We think that its safe within our banking accounts and that we have our debit card to use while making the purchases we need. We usually dont think that anything could go wrong with that until a scammer figures out a way to access our online bank accounts. As the coronavirus continues to plague our nation, we are having to deal with scammers figuring out every clever way they can to invade our bank accounts and steal our hard-earned cash in these never-ending banking scams.
What If My Bank Rejects My Claim
Your bank might reject your claim for a refund if they believe they can prove that you have been grossly negligent or acted fraudulently.
This doesnt have to be the end of the matter though you can complain to the bank.
If youre not happy with the way your complaint has been dealt with, you can then take your complaint to the Financial Ombudsman Service.
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How To Report Bank Scams
There are two things you need to do if youve been targeted by a bank scam, or worse fallen victim to one.
First, contact your bank. Even if youve spotted its a scam you should let them know because this will give them the chance to inform other customers to be on the lookout.
If youve become a victim, or have handed over personal information, its even more important as your bank will be able stop any payments or transfers, cancel cards and make sure your account is secure.
Second, you should get in touch with Action Fraud by either calling 0300 123 2040, or by using their online form.
How To Protect Yourself From Fraud
Here are some important tips to help you avoid falling victim to a scam like this:
Question who youâre talking to. Remember that fraudsters may know basic details about you, and can fake phone numbers, names and email addresses.
If someone claiming to be from your bank contacts you out of the blue, hang up the phone and get in touch with them directly using known contact details .
Take your time. Fraudsters will often try to scare you into sending money or revealing details, by saying that your account is under threat or they’ll involve the police if you don’t comply.
An organisation you trust will never try to panic you, stop you from talking to friends or family, or force you into making a bank transfer on the spot.
If it sounds too good to be true, it probably is. Fraudsters will attempt to lure you into buying non-existent or counterfeit products by selling them on platforms like Facebook Marketplace, and Gumtree for a significantly reduced price.
Have the confidence to say no. Listen to your gut instincts and leave the conversation if something feels off.
A trustworthy person shouldnât make you feel embarrassed or guilty. If you have any doubts at all, it’s always better to double check than go along with it. Because once your moneyâs gone, it’s often incredibly difficult to get it back.
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Emotional Support Available After A Scam
Being scammed can take a huge toll on your emotional wellbeing and mental health. It’s often helpful to speak to someone about what youre going through.
This can be anything from a one-off scam to something which entangles you for months – every scam has an impact on your life, no matter its size.
Mind has a confidential information and support line, Mind Infoline, available on 0300 123 3393 .
The charity also runs the supportive online community Elefriends where you can talk about and share your experiences of mental health.
Victim Support has a free, 24/7 helpline where you can speak to someone confidentially. This can be a one-off call or they can refer you to local services for on-going support.
This service is free and run by Victim Support which is an independent charity.
You can contact Victim Support by:
Standard Steps To Take For Any Scam Recovery
Regardless of the type of scam or method of payment, there are standard steps you will have to take to effectively report the incident and attempt to recover your money. And always remember the first key action: time is of the essence so move quickly. Here are steps to take to start the process.
Please keep in mind:Consumers who have been contacted by scammers could have had their personal information breached.;TotalScam! highly recommends that consumers whose information has been breached obtain identity theft protection service immediately. There are several companies that offer identity theft protection in the US. One of the most inexpensive options we were able to find is the protection offered by;LifeLock.;You can start your protection here.Disclaimer: The information and opinions contained on this site are not endorsed by LifeLock. TotalScam! receives compensation from LifeLock. This helps support our scam prevention efforts.
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The Bottom Line On Bank Fraud
Many banks have boosted their efforts in preventing potential fraudulent charges by adding credit-monitoring features and protections in recent years; but you will still need to do your part to keep yourself safe. Checking your bank accounts and credit reports regularly as well as avoiding scams and phishing schemes can go a long way.
How Does Smishing Work
Good thing she followed her instincts, it was a text message scam often called smishing. It’s a type of phishing scam.
It starts with a text or phone call from your bank saying your account has been locked for fraud. Some are calling it the most dangerous bank scam ever, according to experts at Don’t Waste Your Money.
And how do these scammers know you have an account with that particular bank. They don’t, according to the FTC.
The scammers send these texts randomly, knowing if you have an account with that bank, you’re going to pay attention.
“They had detected suspicious activity, and they were going to help me,” Damon Lander remembers when he was targeted just before the pandemic.
Unlike Hoeting, he was unknowingly gave his account number to the scammers.
“They changed my user name, my password, changed my card pin,” Lander said.
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Fraud Safety And Cybersecurity
Fraudsters are always looking for new ways to scam us and steal our money. They use a range of ways to trick people into handing over personal information.
Once they have your bank account number, log in details, or password, they can access your identity and your money.
Personal information includes your date of birth, address, driver licence, passport details and bank statements. Anyone who asks for these will likely be trying to scam you. Fraudsters may pretend to be your bank, a government agency, a retailer, or someone you trust.
Banks take care to protect bank accounts from misuse and fraud. For example, bank systems can detect unusual spending patterns and prevent attempts by fraudsters to access accounts.
We all have an important role to play in protecting ourselves and our money from financial crime.
Tip: If you are the genuine victim of banking fraud, talk to your bank immediately. Your bank may be able to reimburse you depending on the particular circumstances and your terms and conditions.
Wire Transfers: Safe Vs Fraudulent
Those dangers arent meant to alarm you of wire transfers. These services have their place when we give them the intended use they were designed for. If you go through the guidelines, youll learn how safe transfers work, and what legit companies never do.
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And Would You Believe Theres A Scam Recovery Scam
Scammers are relentless and they have now implemented a scam that promises to help people recover money lost in a scam. They find their marks on a Suckers List that is exchanged between scammers. On the list are people who have fallen for a scam. The lists usually have contact information and other info about the people who have been scammed.
The Recovery Scammers promise that they will do all of the work required to recover money from a scam. They usually do nothing but steal more money from victims but in some instances, they will do all of the things anyone could do by themselves and for free like calling a credit card company or a bank. To make matters worse, they ask for a significant amount of personal and financial information to do this case work and go on to use that information to expand the scam.
If you have been scammed, follow what has been outlined so far. Banks, credit card companies, and government agencies are happy to help you recover from a scam. Recovery scammers are happy to scam you again.