Thursday, December 12, 2019
CLOSE
 
Check Floating Scam Targets Seniors, Others Selling Items
By Sentinel News Service
Published February 23, 2018
Getting paid with a bad check is bad enough, but it’s even worse when the check writer cons an online seller into handing over cash as part of the transaction.
In the Check Floating Scam, a fraudster seeking to buy an item posted for sale – in a classified or online ad, auction site or other posting – sends a check to the seller, often a senior. The scammer then directs the seller to wire some of the money back, usually because the check was written for more than the sale price.
The victim sends the money during the floating period, the time after the check is deposited but before it clears. By the time the victim learns the check is invalid or has bounced, the scammer has already made off with the cash.
TIPS:
  • When depositing a check, never assume the money is there until the bank says it is.
  • Don’t hand over goods to a buyer until a check has cleared.
  • Never wire funds to someone you don’t know.
  • For more information on scams that target seniors, go to the Elder Abuse/Financial Fraud pages of the District Attorney’s website (http://da.lacounty.gov/seniors/financial-fraud).
For a printable version of this fraud alert, click here.
Deputy District Attorney Duke Chau explains how the scam works in this video: http://da.lacounty.gov/community/fraud-alerts/check-floating-scam-targets-seniors


Follow @LADAOffice on Twitter and Instagram for up-to-date news and use #FraudFriday.
Categories: Family | Safety
Tags: | | | | | | | |

Get the Los Angeles Sentinel App!



Since 1933 The Voice of Our Community Speaking for Itself.
86 Years of LA Sentinel.
Black News.
SEARCH:    
Videos


Photo of the Day

Events

LA Sentinel
in your pocket:





TOS-Cookbook-Web

LA Watts Times

© 2019 Los Angeles Sentinel All Rights Reserved • A Bakewell Media Publication

AboutArchivesContact UsCorrections & MisprintsMedia Kit

Terms of ServicePrivacy Policy

LA Watts TimesTaste of Soul

Close / I'm already on the list

Subscribe Today!

Don't be limited anymore! Subscribe Now »

** Existing subscribers, please Login / Register for Digital »

Subscribe to The Los Angeles Sentinel for only $5.99 $3.99 per month, with 1 month free!

Relax in comfort each week as you read the printed newspaper on your own time, delivered weekly to your home or office. This subscription also includes UNLIMITED DIGITAL ACCESS for all of your devices. Includes FREE shipping! One easy payment of $3.99/month gets you:

Subscribe Now »