The Federal Trade Commission is warning consumers that social media posts sharing an alleged checking account “hack” is actually a scam that could lead to financial and legal trouble.
According to an FTC consumer alert, the social media scam involves telling consumers to write a check for more money than they have, depositing it into a different account than their own, and then withdrawing the money before the bad check is fully processed.
“What the video or post might not tell you is that could leave you on the hook for paying back all the money, kicked out of your bank, and in serious legal trouble for bank fraud,” according to the alert.
The FTC advises consumers to research scams and fraud online to see what other people are saying about the social media post. It also encourages consumers to first consider the trustworthiness of the source and to compare advice from a variety of well-known sources.
In related news, the American Bankers Association offers bankers resources to help fight check fraud and has launched the #PracticeSafeChecks campaign to educate consumers about the problem.