For those of you using Facebook, Twitter, and Instagram: be aware that there is a new fraud method targeting subscribers to these networks. The scammers have also been seeking new victims using Youtube videos.The cast: people are offered money to allow usage of their bank accounts for cashing checks. They offer $1,000 and up in exchange for that usage, quick and hassle-free.
The hook: You give them your bank card number and PIN for your credit union or bank account. They clone the card and deposit to your account cashier’s check(s) via ATMs; your account is credited, and a couple of days later these people withdraw the funds; you get to keep part of the money as your payment.
The catch: The cashier’s checks are no good, they get misrouted in the banking system for a few days; afterwards they come back unpaid and un-cashable. Your bank or credit union has to deduct the money from your account.
Students are particularly susceptible to this type of scam because of their predominant usage of social media; so if you have kids with student accounts, talk to them.
For this, and many future possible online scams having to do with your bank or credit card accounts, here is the golden rule: if someone asks you for your account number and password, it’s a scam.
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