The federal financial institution agencies, including the National Credit Union Administration, have issued a brochure dealing with a type of Internet piracy called "phishing". The publication includes an explanation of the term "phishing", tips on how to safeguard yourself, and what to do if you become a victim of a scam.
Copyright 2019 ftc.gov. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
Beware Online Sellers! There's a new twist to fraudulent money transferring schemes...
A growing number of people who sell goods online are falling victim to con artists who find their victims through mass e-mailings or through online trading sites. Typically, the purchaser pays for goods with counterfeit cashiers checks that are written for amounts that exceed the asking price. They then request that the excess funds be wired back to them before the victim or cashing institution realizes the check is counterfeit.
To prevent becoming a victim of such a scam, you should:
- Confirm the buyer's name and address
- Have your financial institution verify the authenticity of the cashier check before cashing or depositing the item
- Do not wire funds or surrender your merchandise until you confirm that the check is paid
- Take additional precautions if the purchaser is located overseas