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Tips for recognizing the overpayment scam

TORONTO, ONTARIO — (Marketwired) — 03/13/17 — “Oops, did I send you too much money? Sorry about that, why don–t you send me back the balance after you cash my cheque?”

It sounds perfectly innocent, but the request is a classic sign of the overpayment scam where criminals send fake cheques and then cash in when you send back the extra money the scammer “accidentally” sent for their purchase. Whether you–re selling an item online or looking for a roommate to help pay the rent, the approach is always similar:

“If you–re in doubt about a cheque you–ve received, or if the situation seems unusual in any way, don–t go through with the sale until you have confirmed with your bank that the cheque is authentic and has value,” says Terry Campbell, President of the Canadian Bankers Association. “Losing the sale is better than being out the item you were selling and the amount of the fraudulent cheque or money order.

It–s important to remember that a cheque or money order is a payment agreement made between a buyer and seller. The bank processes the payment but they are not involved in the agreement. Individuals are responsible for the items they deposit into their bank account. If the item is returned as fraudulent, depositors are liable for the full amount.

How to protect yourself:

The CBA is issuing tips and information through Twitter using the hashtag #FPM2017 () and its website throughout the month of March. Canadians can also subscribe to the CBA–s free .


About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 61 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 280,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada–s economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. .

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Canadian Bankers Association
Andrew Perez
Manager, Media Relations
(416) 362-6093, ext. 219
Cell: (416) 587-7733

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Posted by on Mar 13 2017. Filed under Personal Finance, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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