|Travelers Cheque and Gift Cheque Fraud |
|Travelers Cheques and Gift Cheques are safer than cash because they are reimbursable if lost or stolen. Although the vast majority of American Express Travelers Cheques and Gift Cheques you will encounter are authentic, there are attempts to use counterfeit Cheques in scams, particularly those perpetrated online. If you have any question regarding the validity of Cheques you have received, call American Express at 1-800-525-7641. |
| ||What Is Cheque Fraud? |
|Scams using fake checks are a fast-growing type of fraud that can cost victims thousands of dollars. There are many types of fake check scams, but it all starts when someone gives you a realistic-looking check or money order and asks you to send cash somewhere in return. |
|At the heart of the scam is a fake check that you deposit in your bank account. Federal law requires banks and credit unions to make funds that have been deposited available quickly. Just because you can withdraw the money doesn't indicate the check or money order is valid. |
|It can take weeks for fake checks to be discovered, and when they are, your bank will want the money back. You are responsible for the checks and money orders you deposit or cash, because you were in the best position to determine the validity of the check or money order - you dealt with the person who gave it to you. |
|Remember: There is no legitimate reason why anyone would give you a check or money order and ask you to wire money anywhere in return. |
| ||Common Types of Fake Check Scams |
|While there are some common fake check scams, new variations constantly pop up, so it is important to learn the warning signs: |
- Foreign Business Offers: They pretend to be businesspeople and government officials. Real companies and government agencies don't contact strangers in other countries with business propositions.
- Love Losses: They want to come to the United States to be with you. They have a check or money order in U.S. dollars that they say they cannot cash. But there's no real reason why they couldn't use the financial services in their own country to cash it.
- Overpayments: They give you a check or money order for more than the purchase price and ask you to send the extra money to someone else. But there's no reason why they cannot send that person the money directly.
- Rental Schemes: They claim to be moving from outside the area or another country. They send a check or money order for rent, plus extra, and ask you to forward the excess to someone else. But they could have easily done this themselves.
- Sudden Riches: The notice comes by regular mail, phone, fax, or e-mail: You have won a cash prize or inherited money. They send you a check or money order as an "advance" and ask you to send money to get the rest. That's not how legitimate contests or law firms' work.
- Work-at-Home: They hire you on the basis of an e-mail or phone call, without any personal interview or background checks. They ask you to process payments by depositing checks or money orders in your bank accounts. That is not how legitimate companies operate.
|To find out how to protect yourself when using Travelers Cheques or Gift Cheques click here. || |
|Contact Us |
|If you think you may be a victim of fraud, contact the phone number on the back of your Card or you can find other phone numbers in the "contact us" section of our website. |
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