Be On Guard for Fake Checks and Other Scams

Recent reports indicate an increase in consumer complaints related to Internet fraud and other scams that can take your hard-earned money through clever but fraudulent schemes. Tower wants to keep you informed with the latest information on fraud detection and prevention.

Reduce Your Risk of Check Fraud—Follow These Tips:

• When you use the Internet to sell goods or services, consider receiving the payment through an online payment system rather than receiving payment by check or money order.
• If you’re selling something, never accept more money than your selling price.
• Wait 7 - 10 days for the check to clear before providing goods or services to the buyer.
• Don’t spend money received from an unfamiliar person until a branch manager of your financial institution says the funds have been cleared.
• If you want to find out whether a check, money order or traveler’s check is genuine, call or visit the financial institution on which the item is written. The financial institution will be in a better position to tell you whether the item is the one they issued and is genuine.
• Save all of your documents including letters, mailing envelopes and e-mail correspondence, receipts and copies of business transactions. You may need the paperwork if something goes wrong.

Do any of the following situations sound familiar to you?

• You used the Internet to sell goods or services and the buyer offered to pay more than the selling price.
• You received a check by mail or via an overnight delivery service after selling an item on the Internet.
• You received a check drawn on a business or individual account that is different from the person buying your item or product.
• You were informed that you were the winner of a lottery in a foreign country.
• You were instructed to either “wire”, “send” or “ship” money to a large U.S. city or to another country such as Canada, England or Nigeria.
• You received pay or commission for facilitating money transfers or payment processing through your account.
• You received notice that you are entitled to an inheritance and the deceased is from another country.
• You responded to an e-mail requesting that you “confirm”, “update”, or “provide” your account information.

Contact Tower Immediately

Contact Tower immediately if you encounter any of the situations above or if you feel you’ve been a victim of fraud or other schemes. For help, visit your nearest Tower Branch or call the Member Service Center at 301-497-7000 or
800-787-8328.