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Cheque Scam

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The Cheque Scam

Hi everyone I just want to share this with you because it is a scam that not a lot of people know about but can cause so much unhappiness and can be your company downfall.

I used to sell computers online. One day I received an email from a company who wanted a quotation for some hardware.
I made out the quotation and within a couple of days I received a reply by email that said something like “great, we’ll send you a cheque”
Sure enough the cheque arrived for around $24000 or £18000.
I went to my bank to see my good friend the bank manager. Waiving the cheque in one hand and a huge grin on my face I told my friend that “this self employ lark is a doddle” and  “at this rate, I’ll be retiring soon!”.

scam-alert-picMy bank manger took my cheque, looked at it and said “Tino, please sit down, there is something that I need to explain to you about cheques that originate outside on the UK”

He went on to explain that he could and would if asked, bank the cheque and give me my £18000, however “cheques originating outside of the UK have a longer cancellation period”! So what could happen is that once the bank has given the money and I shipped out the goods, the cheque owner can still cancel the cheque! And the bank would then chase me for the money that they gave me which would undoubtedly have caused us to go bust! In effect I would have lost the goods, the money that I purchased the good with and the money that the bank gave me.

The bank manger went on to explain that this scam is only possible with cheques originating outside of the UK and that a way to avoid this from happening is to get the purchaser to do a bank transfer. This way the money is in our account and safe.

Well what a lucky escape!

I contacted the cheque owner and asked him to do a bank transfer where upon he explained that bank transfers were very expensive and that if we did it just this once there would be more orders and any future purchases would be done by bank transfer.
We diced not to do any further business with this company but I kept the cheque just to remind me!

Have you been scammed? Do you have any scams that you’d like to share?
If you do I’d love to hear about them.

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Guest Thursday, 19 October 2017

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