The American Bankers Association Foundation (ABA) in collaboration with the Federal Trade Commission (FTC) released this week a new campaign to alert consumers about check fraud.
The two organizations put out an infographic to raise awareness on the growing threat of fake check scams. It also includes steps consumers can take to protect themselves.
“Chances are you’ve been the target of a fake check scam,” Corey Carlisle, executive director of the ABA Foundation, said. “Maybe a scammer contacted you about an item you listed for sale online, or you saw a too-good-to-be-true offer to work from home on social media. The fraudsters are sophisticated and convincing, and while their scams may vary, there’s one constant: check fraud.”
Both ABA and FTC said consumers can protect themselves in several ways, including never sending money back to someone who sent them a check and never taking a check for more than the selling price.
ABA, along with the Better Business Bureau of Chicago, is releasing a new study this week titled, “Don’t Cash That Check: Better Business Bureau Study Shows How Fake Check Scams Bait Consumers.”
“Both the infographic and the Better Business Bureau study are part of an ongoing effort by the banking industry, the government, and consumer advocacy groups to educate consumers about scams that involve fake checks,” Nessa Feddis, senior vice president of consumer protection and payments at ABA, said. “One key piece of advice is that just because the funds are available, it doesn’t mean the check is good. If something doesn’t seem right, trust your gut and talk to your banker.”