How do cheque fraud scams typically happen?
In recent years organised gangs have targeted consumers selling high-value goods such as cars. So if you’re selling a high-value item be particularly wary of accepting a cheque. If you do, you shouldn’t hand over the goods until you have certainty that the cheque funds will not be reclaimed from you (this happens at the end of the 6th working day after you have paid the cheque in to your account). Typically the gangs use stolen or counterfeit cheques, they will offer a cheque or banker’s draft for more than the price of the goods (as ever, anything that sounds too good to be true should set alarm bells ringing, but their excuse may sound plausible). You’re then asked to transfer the amount of the overpayment either to them or to a third party two days after you have paid the cheque in when, it is claimed, the cheque will have cleared. Of course, the cheque or draft isn’t genuine and,whilst banks do all they can to spot and stop such fraudulent cheques in the clearing process it is not
