Idendego

Alena Pastuch, Idendego Inc. Executive and Tech Leader Post s on the Issue of Counterfeit Postal Money Orders and Money Laundering

Press Release   •   Jan 20, 2010 20:02 EST

Regina, SK - Alena Pastuch, CEO of Idendego Inc., a developer and marketer of advanced personal and business online protection software programs, addresses the issue of counterfeit money orders. Scams can be devastating for any business, and with the many different ways scammers operate, it is important to remain protected without limiting your business. According to the FBI and postal inspectors, there has been a significant surge in the use of Counterfeit Postal Money Orders since October 2008. More than 3,700 counterfeit postal money orders (CPMOs) were intercepted by authorities from October to December 2008, and according to the USPS, the quality of the counterfeits is so good that ordinary consumers can easily be fooled.

 

Accepting Money Orders

Money orders and cashier's checks function differently than personal checks. Money orders are issued for an amount that has already been paid to the issuing company. Cashier's checks are similar, but they are also guaranteed by the issuing bank. Though these have been considered safer than accepting personal checks, recent scams involving counterfeit money orders and cashier's checks have forced merchants to be extra cautious. Here are a few ways to prevent becoming a victim of money order or cashier's check scams:

  • Wait for the money order or cashier check to clear before you send out your item, as banks might not always catch it when you deposit it. It can take up to 3 weeks, so be sure to check with your bank. Keep in mind that just because a bank has accepted the money order or cashier's check, does not mean the issuing bank has honored it.

  • Request that the payment come from a trusted, domestic bank. Be especially wary of money orders from banks you've never heard of.

  • Never accept checks for more than the agreed upon price-this is a common scam in which the buyer had forged a money order or check and expects you to pay the excess back.

  • Save all your paperwork.

  • Be extra careful when accepting money orders or cashier's checks from a buyer without an account.

Money Laundering and General Rules to Remember When Selling Online

* Be wary of requests from strangers for you to forward packages or money in exchange for a percentage of the profits

* Never agree to wire money transfers

* Never give out your personal information, such as your ssn, checking account number, or login information.

About Idendego Inc.:

Idendego Inc. is committed to the development and marketing of state-of-the-art digital ID protection software for personal and business applications, including mobile phone programs designed to keep track of children and business software designed to protect against online ID theft. Headed up by CEO Alena Marie Pastuch, Idendego is headquartered in Calgary, Canada.

Idendego Inc. is committed to the development and marketing of state-of-the-art digital ID protection software for personal and business applications, including mobile phone programs designed to keep track of children and business software designed to protect against online ID theft. Headed up by CEO Alena Marie Pastuch, Idendego is headquartered in Calgary, Canada.