We have been alerted to several counterfeit SkyOne checks being sent to unsuspecting members and non-members. This is not surprising, considering that The Federal Trade Commission (www.ftc.gov) reports that consumers lose billions of dollars each year due to counterfeit check scams.
Credit unions are legally required to make deposited funds available as quick as possible, this is usually within two days. Because of this, a check may appear as “cleared” in your account but that does not necessarily mean that the check was valid. The process for a bank to discover a fake check can take weeks and by that time a scammer has any money you have sent, and you’re left with the responsibility of paying the funds back to the financial institution.
Therefore, we ask that you make sure to call SkyOne to verify if a check is valid before attempting to deposit it. This is the most surefire way to avoid becoming a victim of check fraud.
Here are some additional tips to help you avoid becoming a victim of fraud:
- Do you know who you are dealing with and are you expecting a check?
- An online search for a company name will reveal if whether it is a legitimate business or not. Look for any reviews that might point out some questionable business dealings.
- Ignore any kind of offers of prize checks in exchange for money.
- Listen to your gut, if someone you just met is offering you something that sounds too good to be true in exchange for money or an item that you are selling, chances are that it might be a scam.
If you think you’ve been targeted by a counterfeit check scam, report it to the following agencies:
- The Federal Trade Commission
- U.S. Postal Inspection Service: https://postalinspectors.uspis.gov/
- Your state Attorney General
Stay up-to-date with the latest fraud prevention news on the Federal Trade Commission webpage!
If you have questions or concerns, please contact us at 800.421.7111.
– Your SkyOne Team
