Fake check scam costs victim $50K and muscle car
By Greg Collier
The fake check scam has been around for so long, and happens so often because it continues to find victims. In this instance, we’re discussing the fake check scam as it affects online sellers. Typically, scammers will pose as buyers and send a fraudulent check to sellers for more than the seller’s asking price. The seller is told to deposit the check, then send the difference back to the buyer. Banks will make that money available to the seller before it actually clears the bank. By the time the bank realizes the check is fraudulent, the money has been sent back to the buyer. Meanwhile, the seller is left paying the bank the full amount of the fake check along with any penalties. Usually, that results in a loss of a few hundred dollars to the seller. That is, as long as you’re not selling a high-end sports car.
A man from Georgia was selling his 2018 Chevy Camaro on Facebook Marketplace. A buyer sent him a check by phone for $49,000. This was enough to pay off the loan he had on the vehicle. The credit union who lent him the money even sent him confirmation that the loan had been paid in full. The man drove the car to South Carolina to deliver it to the supposed buyer. It wasn’t until days later, he was notified that the check he wrote to his credit union to pay off the loan bounced. That was because the check he received was fraudulent. Now, the man is stuck paying his monthly loan payment for a car that isn’t even in his possession currently.
When selling high-dollar items such as a sports car, you can never be too careful when it comes to accepting payment. If you receive a check, whether electronically or physically, ask your bank to verify the authenticity of the check before you deposit it. Even if the bank says the check is legitimate, you’ll probably want to wait a few business days to make sure the deposit isn’t reversed.
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