Consumer Tip of the Week: January 22, 2007 - Fake Cashiers Checks

[Howard Hartman]

Consumer Tip of the Week: January 22, 2007

The U.S. Department of the Treasury, Office of the Comptroller of the Currency is warning consumers about fake cashiers checks due to a rise in cashier check scams. Cashier’s checks lately have become an attractive vehicle for fraud when used for payments to consumers. Although the amount of a cashier’s check quickly becomes “available” for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent.It may take weeks to discover that a cashier’s check is fraudulent.In the meantime, the consumer may have irrevocably wired the funds to a scam artist or otherwise used the funds – only to find out later, when the fraud is detected – that the consumer owes the bank the full amount of the cashier’s check that had been deposited. For more information:

http://www.occ.gov/ftp/ADVISORY/2007-1.html
http://www.fdic.gov/consumers/consum...5/warning.html