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In an age when many products sell in cyberspace and the buyer and seller never meet, creative crooks are finding new ways to defraud businesses — especially web-based businesses and individuals selling items through online platforms.
One scheme involves counterfeit versions of a time-honored currency – the cashier’s check.
Scammers commit cashier’s check fraud using an authentic-looking cashier’s check to buy a product. The seller deposits the check and her account is charged for the amount when the check bounces back to the bank as a fake.
Another version of this scam involves checks written for more than the sales price.
The “buyer” typically asks the seller to remit the excess funds via a wire transfer or Western Union, offering a superficially plausible reason for the overpayment. When the phony check bounces, the seller is liable for the entire amount.
While this scam usually targets individuals, businesses can also fall prey. To protect themselves, businesses should accept only easily verifiable payment methods.
Scams directed at businesses often exploit new technology to commit classic crimes.
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