Cheque Scams

Scams related to cheque are becoming extremely popular and lots of people in the world have received mails from different types of perpetrators connected to this topic. Mail sent by the scammers will be extremely formal and official and contents will also look very genuine and honest. Recently one of the citizens received Lloyds TSB cheque worth 3500 pounds from a company called Portolio Metrica Ltd. based in West Africa. Person who received this cheque was extremely surprised since he has not done any work or having any account with this bank. He was so surprised that the cheque was looking like a genuine one. He was scared to deposit the cheque and kept it in his house without depositing.

cheque scams involve fraudulent schemes where individuals receive a fake or counterfeit cheque, often in the mail, and are then instructed to deposit it into their bank accounts. The scammer typically urges the victim to send a portion of the funds back, often citing various reasons such as overpayment, taxes, or fees. However, the deposited cheque eventually bounces, leaving the victim responsible for the entire amount, and any money sent to the scammer is irrecoverable. To avoid falling victim to cheque scams, individuals should exercise caution when receiving unexpected cheques, especially from unknown sources. Verify the legitimacy of the cheque with the issuing bank, be skeptical of overpayment requests, and refrain from sending money to unfamiliar entities based on such cheques.

• Should never reply to mails from the scammers
• Should not provide any personal and financial details even when the scammers gives pressure
• Should keep the cheque books in a very safe place
• Should never accept cheques from the third party or any strangers
• Should always cheque the credentials and the authenticity of the people offering cheque
• Back ground verification cheque is a must
• Should never offer or accept from the third party
• Should escalate the matter to the concerned authority
• Should dispatch the goods only after the deposit amount materializes
• Should always reconcile bank accounts

These are only minimum cheques and there are lots of cheques businessmen should follow before parting away his goods. Scams related to travelers cheque and certified cheque is also making rounds in the world. Scammers tried to lure the people of York recently into an international money laundering ring. Some of the people living in York replied and received a "fake Travelers cheque worth 3000 pounds" from the scammers which was later investigated by the police and found to be fraud. North Yorkshire Police consider these types of frauds as a complex international fraud and an attempt to swindle the money of the innocent people. There are other types of intelligent scams such as deposit, cheque cashing and online and so on and so forth.

Business cheque scams involve fraudulent activities where scammers exploit business cheques for financial gain. One common scheme is when scammers create fake invoices or bills purportedly from legitimate vendors and mail them to businesses. The invoices often include details that mimic real transactions, tricking businesses into making payments. Another scenario involves scammers posing as potential clients or customers who pay with fraudulent business cheques, often overpaying and requesting a refund of the excess amount. By the time the bank discovers the cheque is fake, the scammers have vanished with the refunded funds. To prevent falling victim to business cheque scams, businesses should verify the legitimacy of invoices, scrutinize payment requests, and be cautious about refunding overpayments without thorough verification. Regularly monitoring and reconciling financial transactions can also help identify suspicious activities promptly.