LAS VEGAS, Nev. (FOX5) – If you think paper checks are a thing of the past — think again. They’re common currency for con artists.
You’ll receive a check that appears to come from a legitimate organization. It will claim to be a refund for an overpayment, and you’ll be instructed to deposit it. A day or two later, the sender will contact you, claim an error, and ask you to send back the full the check amount.
A few days after that, the check bounces, leaving you liable for the full amount.
Federal rules require banks to post deposits within 48 hours, but it could take much long for the check to actually clear. Scammers count on that. By the time you find out the check’s no good, they’re long gone with your money.
AARP warns, in the modern age of electronic banking, always beware something as old school as a paper check. Always verify them, and the company from which they came, before depositing.
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