Fraud
Amazing Case of Loan and Mortgage Fraud
Loan and mortgage fraud is becoming big business across the country and crooks continue to find new ways to take advantage of almost anyone and steal any identity. Eyewitness News has uncovered an amazing case that involves a victimized grandmother in San Diego, a failing Los Angeles loan company and a Las Vegas man who doesn’t care who he hurts.
Video Rating: 0 / 5
Corporate Card Fraud
A recent study by Richard J. Sullivan of the Federal Reserve Bank of Kansas City looked at security within the payment card industry. Like the article’s title indicates, “The Changing Nature of U.S. Card Payment Fraud: Issues for Industry and Public Policy,” focuses primarily on potential public policy responses to the security to the corporate credit and payment card systems . Even so, Edit this texthe article consists of significant insight and information of use for accounting professionals. Including, but not limited to direction as to how to conduct a purchasing card transaction recovery audit.
Since 2005, at least 2,221 breaches of card data in the U.S. have been made public; these breaks in security include nearly 500 million records. Just eight extraordinarily large breaches – TJX, TD Ameritrade and Heartland Payment Systems, to name a few – account for about 80% of these records. So, while nonbank payment processors accounted for just 2 percent of the breaches, these covered nearly 40 percent of the records compromised. Nearly two-thirds (64 percent) of the breaks in security are the work of outsiders. However, more than a fifth are a result of accidental disclosures by insiders .
The rate of data breaches rose steadily between 2005 and early 2009, when it finally began trending down. Though it is too early to tell this trend seems sustainable.
The study points out that the rate of payment card fraud is higher in the U.S. than in several other similar countries. Case in point : in 2006, the total loss in the U.S. on debit and credit card payments topped $3.7 billion, or $.092 per $100. In contrast, the loss rates for Australia and Spain were $.024 and $.022 per $100, respectively. That means the loss rate in the U.S. was four times that in Spain.
Several factors likely account for the differing fraud rates : the use of older card technology with relatively weak security, the types of payments being made (Internet versus point-of-sale), and the mix of payment cards, among others. For instance, what are known as “chip-and-PIN” payment cards, which have an embedded computer chip yet also require the user to enter an ID number before starting a transaction, are more secure than magnetic-stripe cards. Keep in mind that some of these monies will be recovered as a result of Duplicate payment audits like those performed by Lavante. For more information contact www.lavante.com
That said, several countries that have largely migrated to chip-and-PIN technology have higher fraud rates than countries, such as Spain and Australia, which remain heavier users of older, mag-stripe cards. The study authors theorize that the counter-intuitive findings may be a result of countries that have experienced high rates of payment, credit card, fraud accelerating their shift to chip-and-PIN cards. That said, some of the countries that have the highest fraud rate also have the lowest penalties for people found to be stealing credit card information.
When it comes to taking steps toward eliminating credit card fraud , the U.S. faces many difficult obstacles unique to the payment card industry here , Sullivan says. For starters, businesses and consumers have depended on paper checks for so long that the shift to electronic payments, as well as the security measures they require, still is ongoing. In addition, the need to coordinate efforts between thousands of financial institutions, card issuers and payment processors is, not surprisingly, leading to redundancy and slowing the development of standards. Further, Corporate America has spend a lot of effort on EDI and ACH security. This coordination has been successful in developing security for the ACH system, and would be of value with card payments, as well, Sullivan indicates.
Sallie Mae-Westwood Diploma Mill Federal Student Loan Fraud #1
COMPLAINT #1 (Office of Inspector General / Department of Education) “Anyone suspecting fraud, waste or abuse involving Department of Education funds or programs should call or write the Inspector General’s Hotline.. OIG Fraud Hotline” ~ ed.gov Sallie Mae was the _only_ financial lender involved in the diploma mill fraud… and now ask Congress for a bail out?? GO TO GOOGLE AND RESEARCH THESE 2 THINGS: 1. Westwood Diploma Mill Scam 2. 60 Minutes Sallie Mae Fraud Students say college misled them Tuesday, February 22, 2005, By BYRON HARRIS / WFAA-TV “The sales pitch said Westwood is accredited; students said that led them to believe the school has the same academic status as well-known colleges and universities. But the sales pitch doesn’t mention the fine print on the back of the contract, which said “Westwood College of Technology makes no guarantee of credit transfer.” In fact, these students found that when they presented their Westwood transcripts to other schools, the reaction was anything but positive.”You can just keep this … because we don’t recognize this institution as a school,” Moers recalled one school’s representative as saying. Westwood is headquartered in Denver, and claims it’s been around for more than 50 years. However, Colorado state incorporation records indicate the current owner began business in 1986. …talk with News 8 about complaints against the school, but when a crew got there for our scheduled interview, two representatives from the home …
Jiggaboo Jones is back in action again! This time he takes on the big bankers and people that got bailouts from the government while taking the American Dream away from unsuspecting people! This DVD explains to you the average home owner, how to make money if your facing Foreclosure! Learn how to Give back the house and see what .00 of regular hardware supplies can do to lower the value of a 0000.00 home! This is a fast paced, in your face DVD that will offend you! Learn from a bank executive how to make money and to get back at your bank! You will not find this type of DVD anywhere on this planet! Visit the Website for more information: www.givingbackthehouse.com
Stop Foreclosure Fraud – Beware the Real Estate Foreclosure Sharks – RealEstateMarketingThisWeek.com
realestatemarketingthisweek.com – The pitfalls for trusting your bank one more time; Beware The Foreclosure Sharks – Part 4 – This whole loan modification thing reminds me a lot of the old Peanuts comics where every fall Lucy would get out with the football and she would set it down on the ground, and she would coerce Charlie Brown into coming along and kicking the football. Well of course as we all know Charlie never got to kick the ball, Lucy always pulled it out from underneath him and I kind of look at the mortgage industry, the servicing end of it in particular that way. You have to think about it, in many cases the loan that you were put into was not a good loan in the first place. The person who gave you that loan knew it was not a good loan, the Wall Street banks that came up with these crazy ideas should have known better. Now admittedly they didnt otherwise they would not be out of business today, but they should have known that these were not good products. Yet when you are faced with an issue regarding your house so many people go back to the bank, like Charlie Brown going back to Lucy and believing that THIS time Lucy is not going to pull the ball away. Well what is going to keep the bank from not pulling the ball away from you this time? Absolutely nothing. I love that analogy; everyone remembers the Charlie Brown show and the comic books like you said. Another thing I want to point out too, going back just a little bit, you mentioned the lenders who put …
Video Rating: 5 / 5
FORECLOSURE FRAUD pt 1 of 5 HOW THEY DO IT…ERICA JOHNSON-SECK.. THANKS MERS, DAVID J. STERN!!
stopforeclosurefraud.com MersCorp was formed in the early 1990s by the former CEOs of Fannie Mae, Freddie Mac, Indy Mac, Countrywide, Stewart Title Insurance and the American Land Title Association. Smell anything funny??? Here I will show you how MY personal Mortgage Foreclosure FRAUD happened. Pay close attention and learn before it is too late. Here are the subjects and principles. Hi Erica Johnson-SECK (SICK) I read in your Deposition how you google your name …Just add this one for reference. Law Offices Of David J. Stern PA in Plantation Florida www.google.com Stotts Dennis Kirkpatrick Don’t forget INDYMAC was shut DOWN /CLosed Kaput 3/19/2009….How did they get these signed on their behalf? These people are ALL over the US pulling this crap Do searches on them and all and see what you can find out to save your home. Judge Dale Ross in Broward County gave my home to IndyMac Bank (Property Managers) and when I tried to speak he rolled his eyes and said “What Difference Does it make”?????? He pre-judged me and this is not his job… The “difference” “is” the courts are aiding & abetting FRAUD. Yes Google his name and we will see how his peers enjoy him. I did NOT have a fair trial. I was raped from my RIGHTS as a citizen. www.browardpalmbeach.com Learn from this study it and maybe WE ON OUR OWN without the GOVERNMENT can make a difference. Thank you for allowing us to loose our wealth, rights, and justice for all. Uncover Violations: Get an Audit fmi-audit.com These …
Video Rating: 4 / 5
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