victim of counterfeit cashiers check scam

[boogh]

I had a similar situation happen to me. I put my bed up for sale and this woman contacted me telling me they will send a cashiers check. I was then to get it deposited and then take my money out of it and then send the rest to a third party vender for moving. I informed the lady I was not comfortable handling 15,000 dollars when all I wanted was 200. She continued emailing me till I had to block her and report her to my email service which I am sure still has done nothing about it. The lady said she was based in Ireland. I did not know this was a scam but did not feel right about the situation.

 

[PA_Old_Man]

You didn't quite answer my question, but here are the rules for Returned Deposited Items.

The issuing bank has 2 business days to return an original check to the BOFD. However, if the original check is lost or destroyed during processing, the issuing bank then has 6 months to return the check to the BOFD.

Keep in mind that this is when it was returned to your bank, not when you were notified.

I believe there are different rules for otherwise valid checks which are drawn against real accounts with just insufficient funds, and forged or counterfeited checks.

Think about it. A bank would know almost immediately that there are insufficient funds. However, it might be months before the bank learns that the check was forged or counterfeited. I mean, not until the true owner of the account got their statement, and had time to notice a "strange" check listed on it.

 

[PA_Old_Man]

$50,000 is a lot of money.......you didn't find anything at all in this whole transaction odd?

I am sure he did. But greed got the better of him. That is how these types of scams work so well.

 

[Veronica1228]

I believe there are different rules for otherwise valid checks which are drawn against real accounts with just insufficient funds, and forged or counterfeited checks.

Think about it. A bank would know almost immediately that there are insufficient funds. However, it might be months before the bank learns that the check was forged or counterfeited. I mean, not until the true owner of the account got their statement, and had time to notice a "strange" check listed on it.

This would be true if it was a personal check, but it was a cashier's check. Cashier's checks are drawn off of special accounts that have Account Recon and positive pay. Positive pay is a fraud prevention tool that allows the bank to know EXACTLY which checks are authorized to pay only. This means that fraud is detected immediately.

 

[kook-e]

I am sure he did. But greed got the better of him. That is how these types of scams work so well.

I can understand your cynicism but, this particular scam works on a person's need to sell an item (in this case a $35,000 vehicle) and uses their trustworthiness (e.g. "I am trusting you to send my extra money to the shipper) to make it work.

I felt no greed in trying to get my investment out of the car. I wish I had been more cynical in this case but I felt I had acted prudently and specifically asked for a cashier's check before I turned over the car. This whole mess does change a person's outlook on the world....

 

[dallas702]

kook-e;

I know most people think cashier's checks are gold, but as i learned long ago from living in Las Vegas, they are the most dangerous form of financial instrument used today. They are easily counterfeited and because people think they have been "paid for", they accept them without too much thought. In your case you went the extra mile to verify it with the bank manager....but he has no way of knowing if it is real without contacting the issuing bank.

My rule for the new millenium: If it comes from or through Nigeria, it is a SCAM. No offense meant to my doctor.

 

[ryanvalentine]

We received a counterfit money order for 3,800.00

You know what? You're right. I have had a condescending attitude towards you. I suppose the reason is that I may know a little bit about a lot of things, but I know a lot about banking. It has been my career for the past 8 years. My hackles get raised when my expertise and knowledge get questioned. I'll have to work on that. Sorry.

However, my response is still correct. (I know. I just can't let it go.)

California
We recently received a counterfit money order for 3,800.00....same old story it sounds like. I feel so dumb. Anyway, my bank cashed the money order. It was not a deposit. We were handed the cash that same day. Does this make any difference in the matter. What about payment arrangements. My bank said I have 120 days to pay this off and I do not have 1,000.00 dollars to give them over the next four months. I will take responsibility for paying this money back but it will take quite a bit longer then 120 days.

 

[Veronica1228]

California
We recently received a counterfit money order for 3,800.00....same old story it sounds like. I feel so dumb. Anyway, my bank cashed the money order. It was not a deposit. We were handed the cash that same day. Does this make any difference in the matter. What about payment arrangements. My bank said I have 120 days to pay this off and I do not have 1,000.00 dollars to give them over the next four months. I will take responsibility for paying this money back but it will take quite a bit longer then 120 days.

Ryan, I would like to help you with this, but you must start a new thread. I understand why you posted on this one because the situations are similar, but it's considered hijacking and detracts from the original poster's issue. As soon as you create a new thread I'll be more than happy to help you.

Let me know if you have any problems creating the thread. Thanks.