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Fake cheque scams on the rise: BBB

From: Better Business Bureau
Summary

The Better Business Bureau says fake cheque scams have doubled in the last three years

More cheque fraud victims are young adults

In an era of electronic banking, fewer people may be writing cheques but that’s not slowing down the number of fake cheque scams, according to the Better Business Bureau.

The BBB is highlighting a study that found fake cheque scams have doubled over the past three years.

Statistics from the Federal Trade Commission’s Consumer Sentinel complaint database show more than 500,000 people fell victim to phony chequing activity.

Surprisingly, most victims are young adults.

The biggest age range for victims are those between 20 and 29 years old, at 21 percent of the total. By contrast, less than 10 percent of the victims were 70 or older.

“Millennials are more laid back and (may) think that they can’t be the victims of a scam when in fact they are turning out to be the greater number of victims,” said BBB spokesperson Shawna Kay-Thomas.

The BBB urges consumers to verify any cheques they receive and to ensure proper spelling and numbering of the amount.