Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts

Thursday, September 5, 2013

Don't be a victim of FRAUD!

Living in the technology age is somewhat nerve racking when it comes to personal information and the internet. The best defense against fraud begins with you, and one of the ways to not become a victim is to be familiar with what fraud is and how fraudsters work.

Types of fraud
Elder Fraud and Financial Exploitation
Elder financial exploitation is the illegal or improper use of an older adult's funds or property.
This type of fraud is an act directed at older adults in which efforts are made to mislead with promises of goods, services, or financial benefits that don't exist, were not planned on being provided, or were distorted.

Health/Medicare Fraud
Health/Medical Fraud is purposely billing Medicare for services that were never received.

Identity Theft/Privacy Issues
Identity theft is the use of another’s personal information without permission — such as their name, Social Security number, and/or credit card number with the intention to commit fraud.

Mass Marketing, Mail, Wire, Telephone and Internet Fraud
Mass Marketing Frauds target individuals of all ages. Victims are lured in with false promises of cash prizes, goods, or services in exchange for up-front fees, taxes or donations.

Mail, phone, and internet can be used by criminals to commit many different types of fraud, including sweepstakes and lottery frauds, loan fraud, phishing scams, buying club memberships, credit card scams, identity theft, and more. All of these types of fraud are under this category.

Wire Transfer Fraud entails of using wire communications in a scheme to defraud the following: wire transfers of monies to or from a financial institution; electronic mail communications; Fax transmissions; and radio or television communications.

Mortgage, Loan, Lending and Related Fraud
Mortgage scams and frauds include traditional mortgage fraud, foreclosure rescue scams, loan modification scams, and reverse mortgage scams.

Securities and Commodities Fraud
Securities Fraud covers a wide range of illegal activities, all of which involve the schemes of investors or the handling of financial markets.

Tax Fraud
Any misrepresentation of the tax laws or effort to undermine the integrity of the tax system to the gain of a person or business at the expense of the federal government.

Other Types of Fraud
Charity Fraud: Scammers representing themselves as a charitable organization and using similar techniques to request donations as telemarketing, direct mail, email and online ads.

Job Scams: Scammers who promise employment, access to special employment listings, interviews, or a way to make a big income working from home for a fee or for credit or debit card information.

  • Protect your personal information 
  • Know who you are dealing with
  • Make sure your systems are set up properly and protected
  • choose a secure password- at least 8 characters long and a combination of letters &number

Friday, May 24, 2013

NAR Member Profile Report

I found this very interesting.  The biggest issue for REALTORS is the difficulties encountered in getting financing for their clients.  The bulk of my new business comes from clients that came to me because their REALTOR sent them to an "in-house" mortgage person or a "to big to fail bank" that couldn't get them approved due to a lack of knowledge or lack of motivation on the lenders part.