Community awareness encouraged following money exchange frauds

Police are encouraging members of the Korean community to be vigilant following reports of a number of fraud incidents regarding money exchanges in Queensland and other states across Australia.

Users of numerous online forums have been targeted when they have attempted to exchange foreign currencies to avoid the charge of transaction fees.  In these instances, fraud has been committed when a cheque has been deposited into the victim’s bank account but cancelled before the funds are cleared by the bank.

Whilst the monetary value of the cheque will show when the cheque was deposited, funds are never available until such time as the cheque is cleared by the bank. Usually three to four business days from the time the cheque had been deposited.

As a general rule of thumb, the way to check that your funds are available is to confirm the “available funds” on your online statement is correct.   Do not automatically assume funds have been cleared based on the “balance” shown on your statement. You can also call your bank or credit union and check on the status of the deposit.

Police are reminding the public to take a few simple steps to prevent themselves from becoming a victim;

  • Do not disclose any personal details (including bank account details, PIN numbers, account names, numbers or passport details)
  • Do not make any payments to someone, either via phone, internet or cash
  • Report any suspicious persons or links relating to money exchange

Anyone with any information which could assist police with their investigations is asked to contact the Cultural Support Unit on 07 3364 6200 or Crime Stoppers on 1800 333 000.

If you have information for police, contact Policelink on 131 444 or provide information using the online form 24hrs per day.

You can report information about crime anonymously to Crime Stoppers, a registered charity and community volunteer organisation, by calling 1800 333 000 or via 24hrs per day.

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