An investigative study conducted by the Better Business Bureau found that while consumers write fewer checks today, fake check scams are on the rise. “Don’t Cash That Check: Better Business Bureau Study Shows How Fake Check Scams Bait Consumers” looks at how fake checks deceive consumers. Fake checks are used in a variety of frauds, including employment scams and prize/sweepstakes fraud. In all cases, victims deposit the check and send money back to scammers. Highlights of the study include:
- Fake check scam complaints to regulatory agencies and consumer watchdog groups have doubled over the last three years;
- Data suggests there may have been more than 500,000 victims of counterfeit checks in 2017;
- Check fraud affects victims of all ages and income levels, with consumers ages 20-29 victimized more than any other age group; and
Nigerian gangs are behind most fake check frauds.