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ABAGNALE'S ADVICE
SCAM OF THE WEEK
By Frank W. Abagnale
 Just when you thought
every form of fraud
had been covered,
some new kind of
scam pops up.
I've been hearing a
lot about a scam
involving cashier's checks. Essentially,
a "buyer" contacts the seller of an
expensive item (i.e., auto) by e-mail or
regular mail, offering to purchase the
item with a cashier's check from a
third party who owes the "buyer"
money. Typically, these official checks
are made out for more than the selling
price. The "buyer" will then ask the
seller to wire the excess funds to the
"buyer's" financial institution or provide
a cashier's check in the amount of
the excess funds. The unsuspecting
seller complies, sending money to the
"buyer," who then transfers it to a different
financial institution. The result:
The seller loses out on the property
and worse, any excess funds remitted
to the buyer.
How can you protect yourself?
Never assume that a cashier's check
is good without verifying it. Never
accept a third-party cashier's check
from someone you don't know well.
And avoid exchanging money or
goods before determining if a
cashier's check is valid.
There's also been a rash of spam-related
e-mails that appear to be
sent from legitimate companies,
pointing unsuspecting consumers to
phony Web sites to remedy common
business problems. The consumer is
then prompted to furnish personal
information such as Social Security
or credit card numbers to complete
the task and voilá, the spammer has
immediate access to all that they
need for identity theft.
To avoid falling victim, make sure
to scrutinize return e-mail addresses
and be diligent about what kind of
personal information you provide
over the Web. Consumers need to be
vigilant about protecting themselves
against scam artists. Who knows
what they'll dream up next.
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