The cheque cashing scam and, similarly, the money laundering scam, has been going around the internet for years. Sadly, people still fall for it on a regular basis, so it’s useful to know how corrupt businesses or individuals do this.
Here’s how a cheque cashing scam or money laundering scam works:
- Someone, either a business or an individual, will tell you that you’ve either won a prize or that you have a job to cash a cheque or money order. Sometimes they even put it under the guise of mystery shopping.
- The business or individual will then send you a cheque or money order to cash in the mail. Sometimes, they will send you several, and tell you to cash them all at different locations.
- After you do as you’re told, they will then tell you to send part of the money back to them, and let you keep the rest of the money as your payment or reward. Note that if they told you that the money was a prize, they will say the part you’re sending back to them is to cover the taxes on the prize.
- Of course, the money orders or cheques will be fake, but you’ll only learn of this a few days later. You now owe money to the banks you cashed the fake money orders or cheques at. You will have to pay up the whole amount, including the portion you’ve sent back to the individual or business.
This is a horrible type of scam that leaves people owing thousands of dollars to banks in the process. Unfortunately, a lot of people from all backgrounds and walks of life still fall for this scam. Never become a victim of the cheque cashing scam or money laundering scam; don’t cash any type of cheque or money order as part of your job.
Even paid surveys have scams. Learn how to steer clear of those paid survey scams.
Or learn how to stop phone calls from paid survey companies that are unwanted and a waste of time.
