Consumer Alert: Fraudulent Cashier's Checks

One of the more "popular" scams going around is the fraudulent cashier's check. In this scam, you are sent a cashier's check for a certain amount, and then asked to deposit it in your account, minus an extra amount which you send to the issuer. While the funds do appear in your account originally, when the cashier's check ends up discovered as fraudulent, you have to repay that money.

Now, however, there is a new cashier's check scam that is particularly sinister. It uses the mystery shopper angle to get you to cash the check. Here's how it works:

A company claiming to be a mystery shopper company puts out an ad. You apply and are "hired" to take a cashier's check to some company (in the most recent case WalMart) and test how well the cashing works. You send a certain amount to the company and keep the excess. You even fill out a survey on the service you received so that it seems legitimate. Even worse, the check has the name and address of a viable institution. But when you call the phone number, it goes back to the scammers, who act as though you have called the issuing institution.

But that's not all. Some scammers are looking for people who have posted resumes online with sites like CareerBuilder and Monster. Trolling these job sites for resumes is becoming lucrative for many scammers, so be careful of how you answer job offers from someone who say your resume online. And watch out for cashier's checks!

Visit the SEC and FTC Web sites to learn about this and other consumer scams.

Tags: mystery shopper, personal finance, financial planning, finances,
financial goals, fraudulent cashier's check, cashier's check scam, consumer alert