How To Avoid Being A Victimized Consumer/Consumer Fraud-/Entrepreneurship – The consumer holds a lot of power, so when your transaction is less than satisfying, you change your circumstances to something positive.
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California consumer protection attorney Howard Silver gives advice on how to protect yourself against consumer fraud.
For more information, visit http://www.caconsumeradvocate.com/fraud
We serve clients in Los Angeles, Riverside, Ventura, and San Bernardino counties, as well as throughout California.
If you are in need of legal assistance, please contact the Law Offices of Howard D. Silver to schedule your free consultation.
638 Lindero Canyon Road, Suite 421
Oak Park, CA 91377
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Ny AG Andrew Cuomo announced a million settlement involving an important health insurance organization and a firm that establishes “out of system” charges for insurees. Randall Pinkston reports. Movie Rating: / 5
Chapter 7 : Customer Fraud
Fraud Auditing 2601364
Faculty of Commerce and Accountancy
Web fraud is an act to generate income from customers or merchants without in fact providing the products or services. There are some measures which needs to be taken into account to be able to prevent being victimized by this illegal task.
Web frauds are usually another kind of fraud crimes which specifically use features of cyberspace to deliberately commit deceptive deals from naive Internet users in an objective to steal cash. Chat rooms, forum websites, e-mails and web sites will be the typical tools utilized by these criminals in doing their greedy acts. Due to the energy for the Web, these deceptive functions can easily be sent in virtually any area of the globe. Many people can be possibly susceptible to these crimes, whether an individual consumer or large businesses of investors.
With all the introduction of e-commerce as means to provide products or services to consumers, these cyber crooks do their finest to depict comparable offers of appropriate merchants so as to make simple money from innocent men and women without actually supplying the products or services they guaranteed. Due to these situations, it had considerably damaged the trustworthiness of legitimate organizations causing them a decrease on sales and also at worst, causing loss of millions of dollars.
Charge card Fraud
Since many percentages of customers all over the world use charge card as a convenient way of shopping or buying goods over the internet, it had become a target for charge card fraud. This kind of fraud had been considered the main setback in e-commerce company.
Credit card fraud is completed by criminals by delivering email emails to unsuspecting sufferers asking for all of them to update their particular credit card information by directing them on website that will then request their particular painful and sensitive information that is personal including charge card number, passwords and billing address. After the info is gathered by these criminals, they will be using the charge card to get items undoubtedly recharged towards the target.
Considering technological development, cyber crooks have become more clever and advanced level in doing their illegal tasks. Even the biggest ecommerce merchants who have more advanced anti- credit card fraud avoidance system cannot have the ability to totally secure their businesses from all of these crooks.
There are several ways you’ll prevent the danger of being victimized by this fraud. As a consumer, never supply personal information to unsolicited e-mail emails asking to do this. Also, never ever share your charge card information to your site including boards, discussion boards and ecommerce merchants without confirming the legitimacy of their business.
These days, there are numerous genuine travel agency sites providing big discounts or tremendous amount plans for tourists. Numerous travelers avail of such services for convenience. But once more, these services lured illegal people as methods to collect funds from consumers. They’d develop artificial vacation company web sites and deploy different advertisements, providing really appealing low priced vacation plans to allure unsuspecting victims. These sites mainly gather advance payments from travelers after which after ward try to escape with the prey’s cash.
The typical online strategy among these sites will be deliver e-mails to as many individuals possible and directing all of them to an online site containing the vacation bundles they provide.
To be able to stop you from becoming a victim of this fraud, it is critical to ignore email communications of travel agencies providing really cheap travel packages. As much as possible, do not answer these e-mails since this is only going to convince the crooks that you have a working account and soon after on you would be getting junk e-mail emails.
Furthermore, research regarding the identification associated with travel company offering these discounts. Gather sufficient information and try to ask on other local travel agents. Never ever enable yourself to grab those too-good-to-be-true travel discounts.
In most cases, in order to prevent being victimized among these Internet frauds, you need to be conscious that these cyber criminals can quickly develop professional looking web sites and post products or services which are loads cheaper than other programs so that you can attract their particular possibility sufferers.
Legitimate merchants usually include details about their particular company and offer certain contact details that can be used to confirm that they’re perhaps not bogus. Additionally, these firms usually do not get very detailed lender or bank card information such your password or PIN. In addition they provide a protected means of on line buying exchange and often bear the VeriSign logo design.
This presentation is made to assist people locate information related to consumer fraud using the Federal Trade Commission’s Bureau of customer coverage (BCP) web site. Video Rating: / 5
At research Counsel PC we’re knowledgeable about examining and litigating numerous forms of consumer fraudulence. But what does it actually indicate? This cartoon describes these frauds and what sufferers ought to know.
A collaboration between Canadian Fraud News Inc. and Investigation Counsel PC:
News articles through the entire U.S. headline stories about indictments for home loan fraudulence. While you might think you can not be scammed, you really need to reconsider that thought.
Above-average, intelligent, middle-class experts have already been duped plus the average Joe. Almost no you’re beyond the long arm of a mortgage scammer’s reach. You’ll, however, come to be better informed in the antics of fraudsters so that you can thwart the most typical scams made use of.
Today, the most typical home loan scams played out in the media tend to be perpetrated against those who find themselves vulnerable to dropping their particular houses to property foreclosure and property owners that are eager to sell their properties. Other types of mortgage fraudulence occur, also, though.
A great exemplory case of fraudulent techniques against property owners dealing with property foreclosure is within the situation of a recently available Florida indictment. One financial organization with workplaces statewide had been indicted on several counts of defrauding trusting property owners in standard or facing property foreclosure. Promising to assist property owners have been in default of these mortgages to keep their particular houses, the business was using money from the home owners without providing any support. Homeowners ended up losing their homes to property foreclosure. More often, low-income and Hispanics had been the sufferers.
to prevent home loan fraudulence, you need to understand the motivation behind it. There’s two basic classifications of mortgage fraudulence – fraud for residential property or housing and fraudulence for revenue.
Fraud for residential property or housing typically occurs when a potential homebuyer desires particular home which they demonstrably cannot pay for. The borrower submits intentionally deceptive information regarding income, employment, possessions or debt to enable the earnings to look inflated qualifying the candidate the loan. This is done using thought that nobody will dig deep adequate to uncover the realities. Often, the borrower will enlist family unit members or home loan specialists to aid when you look at the fraudulence.
Lenders, however, usually identify this type of fraudulence through thorough review and validation of papers and also by maintaining diligent documents. Unlike what numerous might believe, it really is against national legislation to say deliberate incorrect all about loan applications. Those that do are in chance of becoming faced with a felony and helping time in jail.
Fraud for profit scams frequently involve several home loan experts who defraud a potential homebuyer, a possible loan provider or a homeowner at risk of foreclosure. An example of the is a home loan scam played in the Midwest just recently. A builder, real estate broker, mortgage broker, and appraiser were all taking part in a scam to inflate the worth of houses to skim off the excess of the specific price. The difference of this value of the home versus the loaned amount had been distributed among everyone involved in the con.
After the breakthrough of the fraud, property owners know that they’re caught with paying for residential property which respected less than what they really loaned. Loan providers, alternatively, were obligated to foreclose on several of those properties that ended up being really worth far less as compared to amount owed on the home.
Another instance may be the case of a dishonest mortgage broker which gift suggestions loan documents for a straw customer – a buyer would you not exist, so deceptive information is provided on the loan documents generate the illusion of a real buyer who are able to pay the residential property. The loan is dispensed and large financial company walks away aided by the cash with no intent to live in the house or pay for the house.
Sometimes straw buyers tend to be represented by genuine individuals who be involved in the fraudulence for financial gain. This usually happens, again, when there is no intention to reside in the house and frequently with no intent to fund the home loan.
There tend to be more mortgage fraud instances than discover space to create about them. The Federal Trade Commission (FTC) provides thorough information on home loan scams and just how in order to prevent all of them. Just visit their web site at ftc.gov and search under choose the tabs under Consumer coverage. You’ll find all that you’d previously need to know about how exactly home loan fraudulence takes place and just how in order to prevent it.
If you may be facing financial difficulties being rendering it hard to pay your mortgage repayments, you might want to get the help of an experienced monetary advisor. Should you choose, however, ensure that the business you employ is reputable. Check with your loan provider to see what programs they could provide or if they could recommend that a professional economic advisor. You may even need visit Fannie Mae or Freddie Mac sites for new federal programs readily available.
additionally, free guidance is available through the U.S. Department of Housing and Urban developing (HUD) certified agents. Speak to a HUD licensed housing counseling user by phoning (888) 995-HOPE.
Ki works and resides in Austin. He has got been involved with Austin real-estate for 10 years. Their web site escapesomewhere.com developed a Austin MLS search with homes and commercial properties. His web site also has a Austin property web log with news and data.
ALBANY — The New York State Attorney General’s office released its list of the Top Consumer Frauds of 2012 on Tuesday, and there are some new additions from last year’s list.Internet fraud saw the highest number of complaints with more than 4,000, including online privacy issues and spyware downloads.There were more than 3,000 complaints about credit fraud, and third on the list was automobile issues. Consumer-related services like security systems, restaurant services, tech repairs and dating services was fourth on the list, followed by more than 1,800 complaints over landlord-tenant fraud.Attorney General Eric Schneiderman said that in order to protect themselves, consumers need to be on guard, to know their rights, and to report any deceptive practices. Video Rating: / 5
Mortgage fraud is one of the fasting growing financial crimes in US history. Techniques to commit mortgage fraud have grown more sophisticated, resulting in more advanced counter techniques to combat mortgage fraud. In 2005 the FBI reported over one billion dollars in property and loans were lost due to mortgage fraud.
Too often the signs of mortgage fraud for profit or mortgage fraud for property are difficult to spot. Many experts agree that the public is ill-informed of potential mortgage fraud scams, making education and documentation efforts even more crucial. The below six steps are basic steps for companies to take to minimize the risk of becoming a victim of mortgage fraud:
1. Be cautious of property brokers insistent that buyers use a specific lender.
2. Ensure you receive copies of signed documents
3. Hire third-party appraisers.
4. Get referrals for mortgage and real estate professionals with an established record.
5. Never sign documents that have missing information.
6. Take advantage of professional services that report on mortgage fraud and collaborate with the federal government.
By investing your time and being diligent, you will mitigate your business’s risk of become a victim of mortgage fraud. Protecting against mortgage fraud starts with you. If your instincts make you suspicious, follow them.
Maintain Good Records:
In the early stages of the mortgage loan application process it is important for the consumer to get referred to an established professional. Consumers should remember when asked for a signature, never sign documents that are incomplete. In addition, the consumer should receive a copy of documents that are signed. Maintaining good records of conversations, contact information and documents exchanged is important.
Just like it is important to be cautious of property brokers that are specific of using a particular lender so too can a mortgage fraud risk be found when not using a third-party appraiser. The appraisal process if neglected can leave you vulnerable to become a victim of mortgage fraud. Appraisal fraud is often encountered when flipping properties. In these situations an unscrupulous appraiser appraises the property at a much higher value. At which point the buyer resells the property quickly for a maximum profit. To reduce your vulnerability for appraisal fraud, utilize a third party appraiser that is licensed properly and verify the appraiser’s license. Online monitoring systems now exist for appraiser license verification.
Mortgage Fraud Professional Services Reports:
Technology can play a complementary role to your efforts to find potential mortgage fraud patterns. Mortgage database software can also help uncover mortgage fraud patterns. A mortgage fraud report is an example of mortgage database software in action. These reports are professional services reports that can be beneficial for mortgage industry professionals. National mortgage fraud databases can help diligent mortgage industry professionals better protect against the risk of mortgage fraud.
Future Considerations for Mortgage Fraud:
When mortgage fraud occurs it is far reaching and impacts the real estate industry and the overall economy. The above were tips and considerations for current issues within the mortgage fraud industry. What will be the future significance of mortgage fraud, loan fraud, appraisal fraud, mortgage lending fraud, and mortgage database software onto the mortgage and real estate industry?
Orange County District Attorney produced this PSA to inform and educate the public about the various types of consumer fraud crimes that exist and how victims can report such crimes.
To report Orange County consumer fraud crimes please fill and mail or hand-deliver the form at this link: http://www.orangecountyda.com/docs/consumer_complaint_form__2_.pdf
We are required to have original signatures on completed consumer complaint forms; therefore, forms must be mailed or hand-delivered to the Office of the District Attorney for processing at 401 Civic Center Drive West, Santa Ana, CA 92701.
You can also call District Attorney Consumer Fraud & Environmental Protection Unit at (714) 648-3600
To report identity theft, please call the 24-hour hotline at 877-ID-THEFT which is funded by the California Attorney General’s Office.
Bureau of Automotive Repair (BAR) is part of the California Department of Consumer Affairs. The BAR registers and regulates approximately 41,000 California automotive repair facilities, and licenses smog check, lamp and brake inspection stations. To call, please dial (800) 952-5210 or for further information visit http://www.smogcheck.ca.gov.
California Department of Insurance (CDI) oversees the insurance industry and protects the state’s insurance consumers. CDI’s statewide toll-free hotline serves as an information clearinghouse for consumers with insurance-related questions or problems. The unit, staffed by insurance experts, provides immediate assistance to callers whenever possible at (800) 927-HELP (4357) or visit http://www.insurance.ca.gov.
Contractors State License Board protects consumers by regulating the construction industry through policies that promote the health, safety and general welfare of the public in matters relating to construction. The Board hosts a fraud hotline at (800) 321-2752 and further information can be attained by visiting http://www.cslb.ca.gov/.
***Please note that that the website and hotline number provided are not available to due to the time in which this Public Service Announcement was created Video Rating: / 5
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