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This video shows some common money wiring scams, and what happens to some people who meet the scams.
Don't wire money to someone you don't know.
It may be tempting to deposit a check from someone you don't know — but the check might be fake. It takes only a few days for your bank to make the money available to you, but it can take weeks for your bank to determine a check is a fake. And if you already withdrew that money, now you are on the hook to pay back the bank.
Male VO: When is “money in the bank” NOT “money in the bank”?
When you deposit a check from someone you don’t know.
It looks like the money is sitting in your account. But it still could be a counterfeit check.
It takes only a few days for your bank to make the money available to you; but it can take weeks for your bank to determine a check is a fake.
And if you already withdrew that money, now YOU will have to pay it back to the bank.
It might sound like a deal that you can’t refuse… but counterfeit checks can cost you a bundle.
So if a stranger tries to give you a check and asks you to wire them money in return, it’s a trick.
When it comes to depositing a check from someone you don’t know… exercise doubt and check it out… at FTC.gov.
A tip from the Federal Trade Commission, the nation’s consumer protection agency.
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