- Counterfeit Money Orders: The Ultimate Guide
- Check & Money Order Scams
- How to Avoid Money Order Scams
- How to Check if Money Order is Fake
Counterfeit Money Orders: The Ultimate Guide
How to spot counterfeit moneycan
Should you accept a money order as payment for goods sold online? Identifying counterfeit money orders is easy if you know what to look for. Online fraud artists have been using counterfeit and worthless checks for years. Postal Service money orders. The quality of what these con artists are producing is very good and ordinary consumers can easily be fooled. This scam is also prevalent on online auction sites like eBay , bulletin boards and email solicitations.
Because they're widely accepted as the equivalent of cash, money orders are a popular means of making payments around the world—but that also makes them a favorite tool of con artists and forgers. Here's some guidance on how to get the convenience of money orders while avoiding the scams thieves too often build around them. A money order is essentially a paper check that's not connected with a bank account. To get one, a purchaser gives the money order issuer the amount of cash they want to send plus a small fee. In return, they get a money order they can fill out and give to a recipient; usually recipients such as landlords or other merchants that only accept cash or checks will also accept money orders.
What It Is The underlying premise to these scams is based on the victim receiving a counterfeit check or money order, depositing the item in their own bank account, and forwarding a portion of the funds through a wire transfer service Moneygram or Western Union to the scammer. The con artist may tell the victim to keep a portion of the check as a "gift" or "payment" and wire back the rest to an overseas or out-of-state recipient. The scam reveals itself after the money has been sent and the victim's bank later notifies its customer that the item was fake. Banks often release funds from a cashier's check or money order before it clears, so just because you can withdraw the money, it doesn't mean the check is good. It could take weeks for the real account holder of that counterfeit check to notice it, and then the funds will be reversed and the victim loses the money they sent. The wired funds have usually left the country, so recovery is nearly impossible. Wire transfers can be picked up at any location, so the victim never really knows where the money is going.
Don't just call the number printed on the money order – if it's a fake, you can be sure that the number goes to a thief who will tell you whatever you want to hear.
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Money orders are a secure payment method. They are convenient, affordable, and widely accepted. Money orders are a good way to send cash that never expires. How and where do you get money orders? If a money order is lost or stolen, you may be able to have it replaced. Send Money Orders Internationally. Read More.
Check & Money Order Scams
How to Avoid Money Order Scams
Money order scams are common when buying or selling online. Unfortunately, that reputation for safety can cause recipients to drop their guard. In fact, you should always treat money orders with caution, the same as you would with personal checks and other types of checks. Why did they overpay? The buyer will ask you to send the excess money—above and beyond your sale price—somewhere else.
Assuming the payment is legitimate, you'll eventually have money to spend. Your bank's funds availability policy may automatically let you spend that money , which leads you to believe that the payment cleared. -
How to Check if Money Order is Fake
Money order scams often involve a fake money order and a request to send funds. But it's also possible to get ripped off when you send money.
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