New Hire Receives Payment Advance Check Scam - Payment back using P2P

A new hire at a company recently fell victim to a payment advance check scam. The scammer contacted the victim, claiming to be the company’s CEO, and said that they needed to send the victim a check for travel expenses. The check arrived a few days later, and it was for more money than the victim was expecting. The scammer then asked the victim to deposit the check and send back the excess money using a peer-to-peer (P2P) payment app.

The victim deposited the check and sent the excess money back to the scammer. However, a few days later, the bank notified the victim that the check was fake. The victim was now out the money they had sent to the scammer.

This is a common scam that targets new hires. Scammers often pose as the CEO or another high-ranking employee of a company in order to gain the victim’s trust. They then send the victim a fake check and ask for the excess money to be sent back using a P2P payment app.  They may ask for payment using ZelleVenmo or Cash App.

There are a few things that people can do to protect themselves from this scam:

  • Never deposit a check from someone you don’t know.
  • If you do deposit a check, wait a few days to make sure it clears before sending any money back.
  • Never send money to someone using a P2P payment app unless you are sure they are legitimate.
  • If you think you have been the victim of a scam, contact your bank immediately.
  • If you do receive a check from someone you don’t know, contact the company or organization that the check is supposedly from to verify its authenticity.

In this case, the victim should contact their bank and the P2P payment app to report the scam. They should also contact the police. The victim may be able to get their money back, but it is important to act quickly.

Here are some additional tips to help you avoid payment advance check scams:

See Scam and Fraud Protection for 2023 for more information and make sure to Sign Up for our Scam Prevention Newsletter.

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