Tips for Recognizing & Avoiding Financial Scams

Financial scams are on the rise and unfortunately, we are not immune to them in our area. These scams might sound like a deal that you can't refuse... but counterfeit checks can cost you a bundle. BEWARE!

There are many variations of financial scams. It could start with someone...

  • Offering to buy something you have advertised,
  • Pay you to work at home or as a mystery shopper,
  • Give you an "advance" on a sweepstakes you've supposedly won,
  • Or pay the first installment on the millions that you'll receive for agreeing to transfer money from a foreign country to your bank account for safekeeping.

Whatever the pitch, the person may sound quite believable and if they have forwarded you a check - it may appear very real.

When it comes to depositing a check from someone you don't know... exercise doubt and check it out. It's important to partner with TCT and be forthright if you suspect a fake check scam.

As a reminder, ultimately you are responsible for the checks you cash or deposit, even if you have withdrawn the funds. Just because you can withdraw the money doesn't mean the check is good, even if it's a cashier's check. It can take weeks for the forgery to be discovered and a fraudulent check to bounce. And if you already withdrew that money, now YOU will have to pay it back to the credit union.

Also, be suspicious of email, texts, mail or phone calls that ask for your personal information, especially your financial information. If you suspect something might not be authentic, contact the company directly for verification. Remember, TCT will not send emails or texts asking your to submit your personal and/or financial information.

 

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