Federal Deposit Insurance Corporation - FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Federal Deposit Insurance Corporation - FDIC-Insured - Backed by the full faith and credit of the U.S. Government
The Scam Gram image of scams
· Printer Co. wrote a check to PaperBox LLC for $5,000.00 to pay an invoice in February.
· PaperBox LLC notified Printer Co. in May of an outstanding invoice.
· As Printer Co. looked at its accounting records, Printer Co. could see a check was written to PaperBox LLC on February 10 and based on their records, the check was paid on February 27 for $5,000.00.
· As Printer Co. dug a little deeper, the mystery was solved. The check originally written to Business B had the payee name changed to John Smith. The dollar amount remained at $5,000.00. When Printer Co. balanced their records in March, no red flags were identified since the check amount did not change and a check image was not reviewed.
· Printer Co. now lost $5,000.00 and still owed PaperBox LLC for the outstanding invoice.
· Notified of outstanding invoice payment.
· Review of check record demonstrated change in payee.
· NOTIFY your financial institution – you may need to open a new account.
· Develop a PLAN to review all check images on your accounts.
· Write checks with a GEL INK pen.
· Sign up for POSITIVE PAY to help protect the account from fraud.
Disclosure: All business names listed in the story are fictitious and not real customer names of HOMEBANK.