COMMENTARY: Do you know what a card cracking scam is?

An old saying is, “you can’t cheat an honest man.” It’s not true, honest people are cheated all the time, but it is certainly easier to cheat someone with a a little larceny or greed in their heart and that’s the key to some versions of an old scam now making a comeback, especially among the young and unsophisticated.

You see many young people do not know that a check, even a so-called cashier’s check, has no value until it clears the bank is was drawn on- not your bank. It’s in the fine print of every banking agreement. The fact that the check has been deposited in your account at an ATM or sometimes in the bank itself is meaningless. With modern computers, printers and copy machines it’s a cinch to produce a fake check, even a so-called cashier’s check.

The simple, traditional, bad check scam (cheating an honest person)- someone buys your car, pays you with a check, and drives away. The check bounces. Bye, bye car.

The more sophisticated bad check scam (for gullible, dishonest, or greedy persons)- someone tells you that they have a check they cannot deposit in their account for some reason (my wife or husband will find out, it’s a surprise for my loved one’s birthday, the IRS is auditing my account- whatever).  If you will deposit it in your account they will give you (a big bonus, or half, or whatever). You go to the bank, deposit the check, you take out half and give it to the scammer. Later you find out the check did not clear on the other end and you’re stuck for the half you gave them, usually in cash.

The Internet version of the bad check scam: Someone tells you that they have a check they cannot deposit in their account for some reason (my wife or husband will find out, it’s a surprise for my loved one’s birthday, the IRS is auditing my account – whatever) or they have a rebate or refunds to deposit. If you will deposit it in your account they give you (a big bonus, or half, or whatever). If you give me your PIN I’ll deposit it and you can keep half or get the rebate or bonus you don’t have to pay me until the check clears. You give up your PIN and they clean out your account.

I know it can’t happen to you, your parents, your children, or your grandchildren, but just in case, you might want to mention it to them.