Tag Archives: Scams

I’ve just received a brochure from my Credit Union talking about Cashier’s Checks

The availability of scanners and high quality printers as made it much easier for scam artists to create genuine-looking counterfeit documents.
Those people who are bright enough to use HFH Planning Inc. (an HOURLY ONLY financial advisor) are smart enough to know if it sounds too good to be true it likely is too good, except for the scammer.
You, however, might have family or acquaintances who need to be cautioned.
The brochure lists a number of ways these fake checks might be used. I’m not going to list them because the solution is easy. Look up the bank (make certain it’s not a phony number) and call to assure the check is not bogus. Even better, deposit the check on a “collection” basis. Only turn over the “extra” proceeds or the goods when the bank informs you the funds are good. That may take up to two weeks.
Yes, I know the person isn’t willing to wait that long. The price he is willing to pay for the goods is 15% above what you could get from someone else. Sales are sluggish, at best. And, put away your sales hat and put on your credit hat and figure how much you can lose if the check is bogus.
Even worse, if the check is for more than the bill and she wants the difference in cash.
If the incidents are enough for a financial institution to send out a brochure it is not happening only a few times a year.
PS I just learned that a number of car dealers were scammed in this way. Person came in, negotiated on a car, came in the next day, as he had stated, with a cashier’s check. One week later, check bounced – car and individual not to be found.
So it aint just dummies that are gullible.