MiCash values our customers and appreciates the trust they have given MiCash to safely deliver funds to loved ones and friends. We are committed to providing a Consumer Fraud Awareness Program to our customers to protect from becoming victims of fraud. MiCash urges its customers to protect themselves from fraud by carefully reading and immediately reporting fraud before becoming a victim.
Understanding fraudulent scams will assist customers in becoming a victim. There are many types of consumer frauds particularly in the money services/remittance industry. We have assembled this program to assist our customers in understanding the types of schemes that may cause financial havoc. MiCash urges its customers to protect themselves by memorizing the following:
- If an offer sounds “too good to be true” it’s usually a scam, scheme or fraud. Do your research and contact the appropriate regulatory or government agency.
- Watch out for illegal solicitation of foreign lottery ticket sales in the United States.
- Never send money to strangers electronically.
- Never send money to collect a prize.
- Talk to someone in a position of authority before sending money for lottery prizes.
- Never send or give confidential information such as your SSN, date of birth, credit card numbers or bank account numbers to any person unless a legitimate business. Do your research.
- Watch our for one time limited offers that are good for only one day or are last or final chances.
- Do not be pressured by aggressive telephone solicitations – Hang Up!
- Know your bank’s policy on the amount of time it takes for a check to clear. Just because you are given access to the check funds does not mean the check is fully cleared.
- Avoid sending money to pay fees or charges on foreign lotteries.
The best way to avoid being a victim is to be educated.
MiCash is fast becoming the number vehicle for sending money. We are devoted to assisting you with keeping your money safe and finances secure.
Scams/Schemes. Most consumer scams or schemes involve identity theft or being tricked into send money to strangers with the expectation to receive a large amount of money in return. Consumers are led to believe if they send a little money to cover certain fees, they will receive a lump sum size of cash in return. Below are a few examples of scams/schemes.
Lottery Scheme. A consumer receives a personalized offer stating that he has won a large sum of money. The money is supposedly available immediately for deposit. The consumer is then instructed to find a mystery number somewhere on the correspondence and immediately telephone or contact a certain person/company. The consumer is then told in order to claim the prize, he/she must pay some type of fee to claim the prize. The consumer is then instructed to provide his/her banking information and to provide the fees electronically to another bank. Once the person/company receives the consumers banking information, that company/person attempts to steal all the money from the account. If you receive an unsolicited communication by mail or by telephone, do not respond. Throw the offer or solicitation in the trash and keep your money safe.
Foreign-Money Offers. A consumer may be solicited by someone claiming to be an official or former government executive. They may be seeking a business partner to assist in getting money out of their country by stating that they are prohibited from removing money because of some conflict in their region or the like. The person will most likely claim that he has thousands of dollars which he/she would like to wire into the consumers bank account. If the consumer accepts the offer, the official will request personal banking information of the consumer in order to cover some type of fees. If you receive unsolicited telephone calls, email or regular mail claiming that an official or anyone else needs your assistance to get money out of their country, please do not respond, hang up the phone and throw the correspondence in the trash. This will protect and keep your money safe.
Check Overpayment Scheme-Online Sales. A consumer may offer a personal product online for sale. He may be contacted by a person from a foreign country agreeing to purchase the item. The buyer immediately agrees to send a money order or cashier check in an amount much higher than the agreed price. The check or money order will appear to be authentic and has in some cases fooled many bank employees. The consumer is then requested to wire the excess funds to a foreign country. When the consumer wires the amount above the purchase price of the item, the buyer disappears and the check bounces. The only money paid is the overage amount that the consumer wired to the foreign bank account. If an offer seems to good to be true, the consumer is most likely being scammed.
What to Do If You Become a Victim
Fraudulent Lottery: File a complaint at www.econsumer.gov. Visit FTC’s identify theft website at www.ftc.gov/idtheft.
Foreign Money Offer. Contact your local Secret Service field office using contact information from your local telephone book. www.secretservice.gov/field_offices.shtml.
Overpayment Scheme. Report it to your state Attorney General. www.naag.org.
For any other type of fraud including email offers and the above. Report to spam@uce.gov.
For unsolicited lottery material from a foreign country. www.usps.com/postalinspectors.
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