Techdirt: Shouldn't We Fix The Check Clearing Loophole That So Many Scammers Abuse?
‘…somehow the victim gets a big check, which they’re expected to deposit in a bank. After the check “clears,” the victim/recipient is supposed to transfer a large chunk of that money to the scammer, on the belief that they get to keep whatever is left over. What really happens is a few days after the check “clears,” the bank finds out it’s fraudulent, and tries to void the transaction. But, by then, the victim has already transferred out a big chunk of money (and the scammer has already taken all that cash out of the bank and disappeared) — leaving the victim footing the bill, with the bank expecting them to come up with the missing cash.’
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