SilverLink - Fall 2008 - (Page 8)

thief. Get the phone number from an independent source, such as directory assistance or the internet. 3. Never send merchandise or refund money from a transaction of this sort until the cashier’s check has been paid by the issuer, even if it takes a month. Change your accounts receivable and payable policies, if necessary, to prevent this from happening, and make certain your accounting staff is aware of this scam. Remember that you have the right to refuse the sale. If the buyer will not agree to use an online payment service and insists that you accept a check for more than the selling price, it’s OK to walk away. Likewise, pressure by the buyer to “act right now” should alert you that the transaction may not be safe. If a payment is good today, it should be good after the check clears the issuing bank. A buyer who’s not willing to wait may have something to hide. 2 4. If you believe you have been the victim of a check overpayment scam, notify your bank immediately and follow up by ﬁling a complaint with each of the following entities: • • • the Federal Trade Commission at www.ftc.gov or by calling 877.FTC.HELP the Federal Bureau of Investigation’s Internet Fraud Complaint center at www.ic3.gov for mail fraud, the U.S. Postal Inspector Service at 888.877.7644; write to U.S. Postal Inspection Service, Ofﬁce of Inspector General, Operations Support Group, 222 S. Riverside Plaza, Suite 1250, Chicago, IL 60606-6100; or e-mail through the website, https://postalinspectors. uspis.gov/contactUs/ﬁlecomplaint.aspx If you are unable to resolve the problem with your bank, you can contact the Ofﬁce of the Comptroller of the Currency’s Customer Assistance Group by calling 800.613.6743 or via e-mail at customer.assistance@occ.treas.gov.3 The following additional websites offer more information about fraud and scams: • • Is it urban legend or fact? Check it out at www.snopes.com. 2 1 At the FDIC’s Federal Citizen Information Center website, you can ﬁnd helpful tips and sign up for e-mail fraud and scam alerts. Visit http://pueblo.gsa.gov/. The American Bankers Association website offers guidelines for avoiding cashiers check fraud. Check it out at www.aba.com/ABAEF/cashierscheckfraud.htm. 3 “Federal Reserve Wire Network” InvestorWords.com. WebFinance, Inc. July 15, 2008 . The Federal Trade Commission website, “Check Overpayment Scams: Seller Beware,” accessed on July 15, 2008, http://www.ftc.gov/bcp/ conline/pubs/alerts/overpayalrt.shtm http://www.occ.treas.gov/ftp/ADVISORY/2007-1.html • Some information for this article was inspired by Cardinal Bank, a member of the Virginia Bankers Association, and is available at http://www. cardinalbank.com/docs/2005CardinalCounterFeitChecksFYSk.pdf. CONTACT KIRK JOHNSON AT 402.96 4.5732 OR KJOHNSON @ SSGI.COM 8 http://www.ftc.gov http://www.ic3.gov https://postalinspectors.uspis.gov/contactUs/filecomplaint.aspx https://postalinspectors.uspis.gov/contactUs/filecomplaint.aspx http://InvestorWords.com http://www.inverstorwords.com/6516/Federal_Reserve_Wire_Network.html http://www.snopes.com http://www.inverstorwords.com/6516/Federal_Reserve_Wire_Network.html http://www.ftc.gov/bcp/conline/pubs/alerts/overpayalrt.shtm http://www.ftc.gov/bcp/conline/pubs/alerts/overpayalrt.shtm http://pueblo.gsa.gov/ http://www.occ.treas.gov/ftp/ADVISORY/2007-1.html http://www.cardinalbank.com/docs/2005CardinalCounterFeitChecksFYSk.pdf http://www.aba.com/ABAEF/cashierscheckfraud.htm http://www.cardinalbank.com/docs/2005CardinalCounterFeitChecksFYSk.pdf

Table of Contents Feed for the Digital Edition of SilverLink - Fall 2008

SilverLink - Fall 2008 Table of Contents Risk Management: Toto A Marriage Made to Last Cashier’s Check Fraud? Selection Validation Digital Tool Box When the Curtain Falls Lightning Strikes Increased Fuel Economy Employee Benefits: To Infinity & Beyond Securing Retiree Healthcare Private Client Services: Batter Up! Shaking Things Up STOLI Under Attack Client Spotlight: Bellevue University Internal Happenings: SilverStone Group Wellness Activities Group

SilverLink - Fall 2008

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