The Sophistication of Scams

I just got done reading the article Scams achieve a new level of sophistication which does a good job at pointing out that anyone can become the victim of a scam.  Here are my two cents that I added as a comment to the article . . .

These scams have been evolving for years now, and the WORST part about any of the counterfeit cashier’s check scams is the fact that when someone wants to find out if the check is legitimate and they take it to the bank for them to look at . . . because of course the average person would assume the bank can spot a counterfeit check . . . the banking customer is told that it is “good”, “clear”, “verified” and that “funds are available”.  Look up good, clear and verified in the dictionary and by definition the average person would then assume that there is no problem in cashing and using the money from a check that is “good”, “clear” and “verified”.  But this is where we as banking customers make a mistake . . . we trust our banks are giving us accurate information.

These checks can come back weeks and even months later as counterfeit, and the bank CUSTOMER is held liable for the entire amount, the the bank, who verbally told us it was “good”, “clear” and “verified”.

How about the banks start telling people the truth?  That it could take 10 business days or more for the check to be “good”, “clear” and “verified”.  Is that too much to ask?

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One Response to “The Sophistication of Scams”

  1. Laurie and Bill Says:

    So glad to have found someone else has discovered the crux of the problem lies within our local banking operations.
    A variant of this was quite recently attempted upon us via our 26 year old though more significantly, the bank personnel encouraged us to mix these fraudulent funds with our personal expense bank account instead of setting up a separate account for this “business” in his name only as would be sound practice and Laurie went for it.
    The bank balance for the account showed the full amount available the very same business day.
    The banks are actually setting up people for this ! We were talked into making ourselves responsible for a transaction we had no need to be involved with. The bank is willing to sacrifice customers in the process of enabling this fraud. Why might that be? To be sure, they love our ignorance of the money system and willingness to take their advice.
    I wonder if the deficiency notices wait until the money’s spent almost no matter how long that might take. After all the same banks that are in on it would also attempt to skew the results.
    And the police gives victims every opportunity to become legally involved with the fraud by leaving us in possession of the additional fake money orders we hadn’t deposited (the scammers got greedy) and giving us no advice about what to do with the remaining cash ‘proceeds of the fraud’.


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