People in the article comments were saying not to deposit one of these fake checks if you get one. Seems like the only danger in that particular action is that your bank balance might be incorrect...
People in the article comments were saying not to deposit one of these fake checks if you get one. Seems like the only danger in that particular action is that your bank balance might be incorrect until the check is canceled. But the actual loss occurs when you, believing the check has cleared, then go and transfer some amount to the crooks via wire or Venmo. Am I misunderstanding how this works? Why would people be warning about the first part, instead of the second?
You're understanding correctly. You warn people about the first part so they don't put the check in their bank account in the first place. These scams aren't being run on people with lots of...
You're understanding correctly.
You warn people about the first part so they don't put the check in their bank account in the first place. These scams aren't being run on people with lots of excess income where their bank balance being off for a week or so isn't a huge deal. They're being run on poor people who would be just as likely to spend they money on their own needs as they would to send it back to the scammer. People who have never had $5,000 in their bank account. So they deposit it on a Friday, decide they'll do the rest of the "send some back to this number" on Monday, they go buy some groceries, maybe take their family out to dinner somewhere that doesn't have a drive thru. Maybe the bank is quick to reject the check and Monday morning it's all reversed. Now that person has a negative bank account and a mountain of overdraft fees to go with it.
So instead of telling people to "Accept candy from strangers, but don't give half of it back when they ask you to share." you just tell them "Don't take candy from strangers."
People in the article comments were saying not to deposit one of these fake checks if you get one. Seems like the only danger in that particular action is that your bank balance might be incorrect until the check is canceled. But the actual loss occurs when you, believing the check has cleared, then go and transfer some amount to the crooks via wire or Venmo. Am I misunderstanding how this works? Why would people be warning about the first part, instead of the second?
You're understanding correctly.
You warn people about the first part so they don't put the check in their bank account in the first place. These scams aren't being run on people with lots of excess income where their bank balance being off for a week or so isn't a huge deal. They're being run on poor people who would be just as likely to spend they money on their own needs as they would to send it back to the scammer. People who have never had $5,000 in their bank account. So they deposit it on a Friday, decide they'll do the rest of the "send some back to this number" on Monday, they go buy some groceries, maybe take their family out to dinner somewhere that doesn't have a drive thru. Maybe the bank is quick to reject the check and Monday morning it's all reversed. Now that person has a negative bank account and a mountain of overdraft fees to go with it.
So instead of telling people to "Accept candy from strangers, but don't give half of it back when they ask you to share." you just tell them "Don't take candy from strangers."