Payments & Drafts check0 / 1 answered · 0 correct
Check 1
What is safer than calling the phone number printed on a suspicious draft?
Payment Instrument Verification
A practical checklist before treating a bank-issued paper as good funds.
Verify independently
Use contact details obtained independently from the purported issuing bank, not only phone numbers or email addresses printed on the instrument.
Check payee and amount
Confirm the legal payee name, amount, currency, date and any endorsements or alterations.
Understand collection/finality
Ask the receiving bank how the item will be collected and when funds are considered final.
Do not send refunds early
Overpayment scams often rely on a victim forwarding part of a provisional credit before the original item is returned unpaid.
Remember thisVerify the bank and wait for proper clearing/finality before treating a paper instrument as irreversible cash.
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