Fake check scams could cost you thousands of dollars. It all starts when someone gives you a realistic-looking check or money order and asks you to wire them money somewhere in return. It’s phony, and so is the person’s story, but that may take weeks – even months – to discover. Now the bank wants the money back. See, the bank is required to give you access to the funds you deposit within a few days, but can’t be sure the check is valid by then.
Guess what? You’re responsible for the checks or money orders you deposit. That’s how the scam works.
There are several ways the scam works. Beware of foreign business offers, overpayment offers, sweepstakes or lottery schemes to name a few.