HARRISBURG, Pa. — During the holiday season, some consumers seek to earn a few extra shopping dollars by selling an expensive item, such as an automobile, electronics, or perhaps a turtle dove or two, but Secretary of Banking and Securities Robin L. Wiessmann warns consumers to avoid the “Counterfeit Cashier’s Check Scam.”
Secretary explains how this scam works:
“There was a time when cashier’s checks were considered the next best thing to cash,” Wiessmann said. “Today, sophisticated forgeries of this once trusted payment method are being used to bilk private sellers out of large sums of money, and consumers need to be vigilant about the people with whom they are doing business.”
Wiessmann points to five tips that can help consumers avoid being robbed by the counterfeit cashier’s check scam:
As part of the department’s “Holiday Scam Protection Week,” Wiessmann urges consumers to be informed. Know the “red flags” of scams and fraud and who you can contact if you believe you are a victim. Check out the publication: “Scams: Protect Yourself. Protect Your Money” www.dobs.pa.gov/Documents/Publications/Brochures/Scams%20Booklet.pdf
“Although scams may take different forms, the underlying method is often the same: preying on emotions, circumstances, or lack of knowledge to take financial advantage of another party,” Secretary Wiessmann added. “Consumers and businesses cannot afford to take every financial opportunity or transaction at face value. This holiday season, everyone is going to have to be more diligent and investigate before investing their money or sharing personal or financial information.”
Anyone can contact the Department of Banking and Securities at 1-800-PA-BANKS or 1-800-600-0007 to ask questions or file complaints about financial transactions, companies, or products. Members of the public are also invited to connect to the department through Facebook and Twitter, or subscribing to the department’s newsletter.