Posted in Articles on Friday, October 06, 2017
How can you avoid check scams?
A common type of counterfeit check scam is an overpayment scam. Simply put, a fake check or money gram is written for more than the agreed upon sales price. The scammer will ask you to deposit the check and wire the extra money to a third party for shipping or taxes/fees.
It is important to remember there is no legitimate reason for anyone to send you an overpayment and ask you to send the money elsewhere.
We may put a hold on a check to protect you, however, it may take weeks to find out a check is fraudulent. At that point, you are responsible and liable to repay the funds.
Awareness is key to preventing fraud. Sign up for free scam alerts from the Federal Trade Commission at ftc.gov/scams.
What are some common types of overpayment scams?
How can you protect yourself?
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As a credit union, we’re organized differently than other financials. Veridian is a not-for-profit financial cooperative owned by our members. That means all net earnings are returned to members in the form of lower loan rates, higher savings rates, and low-to-no fees. Veridian is also governed by a volunteer board of directors who are elected by our members. Each member has one vote in the election for our board regardless of how much money that individual has on deposit.
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