GRAND RAPIDS, Mich. (WOOD) — Americans lost more than $63 million to bogus check schemes between 2015 and 2017, and the problem is only getting worse, a new study from the Better Business Bureau concludes.
The BBB says although people are using fewer checks, fake check fraud complaints to government agencies have doubled over the last three years.
The consumer watchdog group says every year, tens of thousands of people fall victim to the pervasive scheme. It involves the scammer sending a bogus check, cashier’s check or money order, which bounces after the victim cashes it and sends back money to the suspect.
Once the check bounces, which can take two weeks or more after it’s deposited, the scammers are gone and the victim is on the hook for paying back the bank.
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