Fraud??? Anyone ever run into one like this.

[turboguy]

I just got a call from my bank. Before I get into that checks usually come into our office and wire transfers of course go right to the bank. Well, the bank office received a check from Canada made out to us for $ 95,000.00 which is far bigger than any checks we usually get. They called because it seemed suspicious but the only thing they can figure out is that had they deposited it somehow it would enable the writer to clean out our account. They are forwarding it to their fraud department. I have encountered a lot of fraud attempts but never one like this so I am curious if anyone else has encountered something like this.

[Bobjob]

I don't know banking. Can your bank deposit the check without you endorsing it? First time I've heard of something like this.

[turboguy]

Well, this may have been a false alarm. We just got an email from a customer in Kuwait who says they just did a wire transfer for $ 95,000.00 to us. The problem we have now is we think the wire transfer should have been $ 9,500.00. So this might not have been a scam after all but just a mistake. If I learn anything new I will let everyone know. Sorry for the false alarm. Next time I will just yell FIRE, FIRE, FIRE.

[turboguy]

Now I am back to thinking fraud again. I think the deal is that they overpay, you ship the stuff and refund the overpayment and then the check turns out to be no good. I have heard of that scam before.

[nealrm]

Is this a wire transfer or a check? You refer to it both ways and they are very, very different.

If this is a check, yes it could be a scam. A common scam is to overpay for a product or service and have you refund the over-payment amount. Your check would be good, theirs would bounce. So they would end up scamming you for the amount of the over-payment and maybe the goods.

I don't think that a wire transfer would work for that type of scam. Wire transfers are instantaneous. Once the money is sent, it can't be undone. That is why most con-artist want you to wire transfer funds to them.

[nealrm]

I don't know banking. Can your bank deposit the check without you endorsing it? First time I've heard of something like this.

Yes, this is done in business all the time. In fact, banks will deposit any check that is received in a specific post office box. When you send in a check for a credit card payment, they are not endorsed. Everything that goes into that PO box gets deposited to a specific account. In many cases it doesn't even matter if the check was made out to another business.

[nealrm]

FYI - Are you sure it was the bank that called??? NEVER, NEVER, NEVER, (repeat 100 times) trust the caller ID. The only way to be sure is to look up the number for your bank YOURSELF and call them directly. I do this no matter how much personal information they provide. If fact, I tell them I will call back once they say who they are and they need to talk with me.

[Freelancier]

I think you tell the bank to tear up the check and get the customer to wire you the amount you need to complete the sale and tell them you'll eat any wiring costs if that makes the process go smoother.

Ya, could be a scam. Or it could just be a screwed up customer. If you start by tossing out the mistake and getting them to properly send you the correct amount, everyone will be happier.

[turboguy]

You are bringing up a very good point Nealrm but in this case yes, I am sure it was the bank. We are in a small town and I know the people at the bank and have talked to this one 50 times before.

I do agree that there are many people scammed by phone calls from the bank or a credit card that is not really the bank or credit card.

[PZagotti@ZnBcpa.com]

Yes so there are a ton of different ways to play this scam.
Normally the deposit is placed in your account by some company you have never heard of and usually in a foreign country.
You will probably get an email or call from them. You may want to check your spam filter just to see if it stopped the email from getting to you.
For this kind of money a call might be received and if so that means they are trying to social engineer the fraud and they know who the accountants are in the company are and will try to make contract with them.
Spoofing caller id numbers is soooo easy and anyone can do it by spending about 5 minutes on Google or Yahoo.

So the fun part, at the end of the day they want there money "back". They may even offer you the opportunity to keep a few dollars for your trouble too, (isn't that nice of them).
Funny thing is that while the check might be under one companies name the account number that it is being drawn on may not be related to that company.
Without getting the money back the fraud is worthless to them so if you do get a call or email expent them to flip out and scream and even threaten a law suite.
I have seen versions of it where they will have another person call saying they are the police and they have an officer in front of your office to come in and arrest you right now if you do not make the wire transfer.

If the scammers would spend half the time and energy making an honest living as they do trying to take your money they would be so much further ahead. But then again most criminal are stupid so what do you expect.