Whether it’s called a scam, a trend or a hack, check fraud is still check fraud, and you should be cautious about falling victim.

The most dangerous aspect to this new version of check fraud is that it’s being dubbed a hack and a clever way to trick banks out of their money. Make no mistake—whatever name it’s called, it is still fraud and can be punishable by law.

This newest version of check fraud is gaining popularity on social media and could result in a great deal of trouble for you. Falsely being called an “opportunity,” the scam involves customers writing checks in amounts larger than their balance, depositing these checks into a different account and then quickly withdrawing the funds from the bank before the check bounces.

What starts out looking like an easy way to cheat the system could soon turn into dire consequences like having to pay back the money to the bank, close your accounts with the bank, and/or face legal consequences. If you write or issue a check for an amount larger than your balance, the check will be returned and you will be held responsible.

If you feel an online prospect looks promising, remember to always do your homework first. Search the trend for comments from other customers or for any history related to the prospect, and confirm that the information came from a reliable source.

First Keystone Community Bank has measures in place to stop attempts like these in their tracks. We have a zero-tolerance policy with check fraud and will not hesitate to press charges. We encourage caution with newly emerging internet trends/hacks as you may ultimately be left to face financial losses and legal hardships. 

And always remember the old adage, if it seems to good to be true, it probably is.