If you want to avoid painful mistakes on checking fraud, then you might want to consider what you should know about payroll check scams. Image the millions of checks that pass hands everyday. Some of them are bounded to be scams written by criminals. While you may not able to totally avoid payroll check scams, knowing what they are and how to protect yourself may help you protect your money or even retrieve it faster after the payroll check scams.
- What is payroll check scam? Payroll check scam is essentially a class of check scams. It is one of the biggest program that troubles our banking system. In many places, personal checks cannot be cashed right away, but payroll checks can be cashed in many places for a small fee. That is what makes payroll check scams profitable. Payroll check scams usually copy and modify legitimate payroll checks and then try to pass them on as the real deals.
- Signs of trouble. While these payroll check scams look legit, they have inherent flaws built in them. You can uses these tips to recognize possible trouble. First, the check number is either missing or unreadable. Second, some letters look different from others. Third, it is missing information that normally would be on a legitimate check. Finally, the magnetic ink is either missing or looks really shinny.
- What can you do to protect yourself from payroll check scams? The best way to fight payroll check scams is to use direct deposit. Money goes directly from employer to employee, with no changing hands in between. It also eliminates that extra trip to go to the bank.