Even More Fraud Cases! Remember Fraud effects All of Us!
SETCO has been recently notified that several title companies around the country have reported a wave of fake checks attempting to be cashed by victims of an international sweepstakes check fraud scheme.
The victims are reportedly receiving letters from fake companies, or from legitimate companies without their knowledge, along with what purports to be a fake title company check. The letters inform the victims that they have won a large sum of money. The victims are given a “claim number” and are instructed to send funds to a tax agent to cover any taxes associated with winning the large sum of money.
Schemes based upon fraudulent checks continue to be a source of potential loss for the real estate title industry. Any check - bank check, cashier’s check, certified check, and teller’s check - can be counterfeited. Watermarks and routing numbers can be forged.
If you receive a questionable check, take the time to confirm the funds with the bank or contact your SETCO title agent. We will be happy to assist you with this matter.