ECONOMY NEWS

Cashier’s Checks Can Give A False Sense Of Security. How To Protect Yourself

Home buyers and renters, automobile buyers frequently use cashier’s checks offer a feeling of security to businesses and the individuals they are providing the money to.

But so do fraudsters.

You may be unable to get your money back if you are one of the victims warns that the FDIC.

“(If the cashier’s check you obtained ) was counterfeit, you will likely be held accountable for the funds that were given to this scammer,” the bank regulator cautions.

Here is how a cashier’s check scam works, according to an FDIC customer alert:

The fraudster scammer tries to make you cash or deposit the cashier’s check.

Once it is deposited, the fraudster asks you to ship all or part of the proceeds back to them or an accomplice prior to the bank tries to clean or process the check for payment and also comprehends it is fake.

Fraudsters commonly utilize fake cashier’s checks in mystery or secret shopper job scams, offers to pay more than the list price for a flat or an auction, or in lottery frauds.

At the last one, a”winner” is instructed that in order to receive their winnings, she or must pay”taxes and charges” before they could get their money.

A cashier’s check is sent, which the scammer asks the recipient to money and then wire the capital back to pay the fees and taxes.

It is not obvious by taking a look at a cashier’s check to find out whether it is bogus.

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