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The League has learned that fraudulent cashier’s checks again are circulating within our network in southern Maine. These checks contain a legitimate-looking logo of a local institution and real member account information.
Scammers go to great lengths to fabricate bogus checks and they don’t take time off for the holidays. That’s why it is important for credit unions to remain vigilant when handling cashier’s check. To help, keep these tips in mind:
- Proceed with caution if a cashier’s check is presented, especially if it’s for a large amount.
- Don’t be afraid to ask members questions about the check before depositing it.
- Contact the credit union or bank on which the check is written to verify it is genuine.
- Do not use the phone number listed on the check; call the number on the credit union or bank’s official website.
If a member deposits a fraudulent check, the responsibility for that deposit is theirs even if they didn’t know the check was fake. Check fraud is a gift no one wants to receive. Consider sharing these tips with your members to help them spot a scam before its too late:
- Never share your bank account information with anyone and use caution when making transactions with cashier’s checks.
- Do not accept a check for more than the amount you requested.
- Require a cashier’s check be drawn from a local credit union or bank and use extreme caution when dealing with foreign buyers and sellers.
- Inspect any check you receive, looking for signs that it’s a fake (misspelled words, poor quality paper, missing watermarks, fuzzy logo).
- Verify funds by speaking with a credit union manager when you deposit the suspect check (explain the situation and express your concerns).
- Remember, no one gives away money for free.
- Report a scam to help protect yourself and others.
While we can’t stop check fraud from happening, we can work together to prevent it from impacting your members and credit union.