Money Scam Alert

Week of January 15, 2007

Stars and Stripes reports that financial institutions serving the military overseas have seen an increase in counterfeit money orders and checks as well as online phishing. The counterfeit check scheme, called the "overpayment scam," has affected bank customers who sell items at online auction sites, such as eBay. The best way to prevent getting scammed, if using eBay, is to insist on payment by PayPal. Another piece of advice from the National Consumers League's Internet Fraud Watch, is: "If a stranger wants to pay you for something, insist on a cashiers check for the exact amount, preferably from a local bank or a bank that has a branch in your area."

To learn more about personal finances, visit the Military.com Finance Center.