Bank Draft Scam

Bank Draft Scam
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The bank draft scam has been ongoing since the 1990s. Because it is possible to remotely create a check that doesn’t require a signature, scam artists have figured out a way to exploit the system. One way to determine whether you may have been a victim of a bank draft scam is if you notice unauthorized withdrawals from your checking account.

Testing the Waters

The Scam

The Outcome

It’s Illegal

It’s been illegal since 1995 for a telemarketer to take money from your bank account without getting your permission. The telemarketer must get your permission to debit your account in one of three ways: written authorization by you; a tape recording of you granting authorization; or she must send you written notification before she debits your account. If the telemarketer plans to use the tape recording option, she must tell you that she is taping the conversation. The telemarketer must also tell you the date she intends to debit your account, the amount she will debit, who receives your money, how many times she intends to debit your account, and a phone number that you can call to reach her.

What To Do

If you’ve been scammed by having money removed from your checking account without your knowledge or consent, contact your bank. Say that you did not authorize the debit transaction. Tell the bank not to allow any further transactions of that nature. Hopefully, you will get your money back, but there is no guarantee.