Deposit refund scam

  • Getting to know the deposit refund scam

    The deposit refund scam is one where criminals contact you to tell you that an amount of money was ‘mistakenly’ deposited into your account.

  • How it works
    The perpetrator deposits a fraudulent/stolen cheque into your account and then calls you and claims that
    • funds were mistakenly deposited into your account or
    • the incorrect amount was paid into your account and you have been overpaid in respect of an order which you had in fact received.

    The caller will ask you to refund the amount and will fax a proof of payment to you. The ‘proof’ is either a copy of a deposit slip or an altered Internet banking payment confirmation.

    Your bank statement will show the transaction as a ‘Cheque Deposit’ and not an ‘Internet Banking Payment’. So after you have refunded the money electronically, you will never see it again following the reversal of the fraudulent deposit by the bank.

  • What to do so you don’t become a victim
    • Always make sure that deposited cheques are legitimate.
    • Request a special clearance on cheque deposits.
    • Do not consent to the request.
    • Verify with your bank whether the transaction is valid.
    • Question whether the deposited cheque has been stolen.
    • Do not refund any monies until the cheque is fully paid/cleared.
    • Check that the proof of payment and your statement details add up and reflect the same reference details.
    • Never accept a notification of this nature as proof of deposit; rather obtain written verification from your bank before taking any action.