Friday, August 11, 2006

If You Receive a Qchex (Check), Extreme Caution is Recommended

Qchex is a company that makes checks for their customers and returns them via e-mail. They even offer a free check printer (with a $100.00 purchase) on their site guaranteed to be "100 percent Bank-compliant."

Also - in their efforts - to make the checks "look good," they provide magnetic ink and the latest in check paper.

I wrote a couple of posts about how this was being leveraged by Internet fraudsters in all their favorite scams and the FDIC issued a nationwide alert on the Qchex issue.

Fraud Qchex (checks) seemed to disappear for awhile, but readers and knowledgeable sources are saying they are seeing them reappear in all the favorite Internet scams.

If you read the security disclaimer at Qchex - after sifting through all the protections most Internet fraudsters easily defeat - they state (in bold letters), "Qchex does not endorse or guarantee transactions undertaken by its members."

Kind of scary that Qchex doesn't even trust the people using their services. To me, this means that a prudent soul shouldn't give them their complete trust either.

Anyone who negotiates a fraudulent Qchex item (no matter how innocently) will be held responsible (victimized). A lot of people have already learned this, the "hard way."

There are two places Qchex fraud should be reported to:

The first is the Federal Deposit Insurance Corporation (FDIC),

And the second is the Federal Trade Commission (FTC), link here.

I did a previous post - which has a lot of the same information - but (if you're interested) there are some pretty telling comments by some of the victims. Link, here.

The Privacy Rights Clearinghouse wrote a "telling" article about Qchex, here.

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