It is difficult to keep up with all the scams out there, but this one you have probably already encountered. The scam is referred to as “card cracking” and it can appear innocent enough. You typically see a post on a social media site or a webpage that announces some form of a contest. There are numerous variations on the scam – anything from vacations to giftcards – but the red flag is that at some point you will be asked to provide your bank account information in order for you to receive your prize.
The scammer may ask for your bank account number, PIN number or online credentials. The con artist deposits several phony checks (which is usually done remotely) and then quickly withdraws funds via ATMs or money orders. The idea is that they withdraw the cash before the financial institution realizes that the checks are fakes.
Another form of card cracking begins with the victim responding to a text, video or social media post that guarantees ‘fast cash’ to pay bills. This type of scam often targets students. The scammer requests your debit card number, PIN, or password in order for checks to be run through your bank account. In exchange, you are promised a percentage of the money. They justify it as simply “playing the game” or “working the system,” but the reality is that it is fraud and it can get you into a substantial amount of trouble.
Any time a third-party is requesting that you provide your private banking information or credit information, it is highly likely they intend to use it for their own benefit. Before you ever provide this type of information, you should use due diligence to verify the legitimacy of the company you are working with. Even if you are making money on the deal, you have to understand that you are taking the risk of being involved with criminal activity. If you get caught, the consequences can be serious.
Providing your bank account information to a con artist can not only lead to criminal liability, but it can also result in you losing funds that were legitimately deposited into your account. Losing your tuition money or paycheck can be devastating to you financially. If you provided the scammer with your information, it makes it even harder to prove that the transactions were not authorized.
The attorneys at Fitzgerald & Campbell represent debtors all over the State of California in debt settlement, collections harassment and credit card lawsuits. If you have a matter relating to a debt you owe, contact us today by calling (844) 431-3851 for a consultation.