Students at Michigan State University are being warned about an ATM scam that has hit campus over the last few weeks.
Michigan State University Federal Credit Union learned some students have been approached by people who pose as students asking for help in solving a problem. The person say they have lost their own ATM or debit cards and PINs. They need to deposit a paycheck and withdraw money. The "buyer" offers to deposit a check in the "sellers" account in exchange for the student's ATM or debit card and PIN.
The check, of course, is bogus. The student not only discovers the check is fake, he or they also learn they are responsible for paying back the amount of the withdrawal plus any additional fees.
Joyce Banish, MSUFCU vice president of university and community public relations, said this often comes as a surprise to the trusting student.
"In some cases students were asked not only to sell their own cards, but to get other students to sell their cards," she noted. "We find out about it because a check is deposited, money is withdrawn, and the check is really no good."
"Some of them are naove. They haven't had accounts before. I think, underlying it all, they might suspect there is something wrong. We certainly try to do a lot of education."
In addition to warnings posted on the credit union's Web site and articles in the campus newspaper, MSUFCU provides handouts with cautions about fraud and advice on protecting cards to all students opening an account.