Debt Fraud – Fraud alert regarding a telephone scam overdue payday loans

The Internet Crime Complaint Center, or IC3, recently issued an alert regarding a telephone scam related to overdue payday loans. Consumers are receiving phone calls from people falsely representing law firms, the FBI, and other agencies, claiming to be collecting debts from well known companies such as U.S. Cash Net, and U.S. Cash Advance.

The callers continuously call the victims home, employer, and cell phone, however they won’t provide any information about the payday loan. The callers threaten the consumer with jail time and legal actions.

The callers have information about the consumers including personal information such as social security numbers and employer information.

All of these calls are used to instill fear in the consumer in an attempt to receive payment for the loan.

Debt Fraud – Morgan & Associates law firm phone scam has been reported in Great Falls, this time targeting confidential information

Dave Berman, who moved to Great Falls just recently, tells us he received a phone call this week from a man claiming to be a representative of the Morgan & Associates law firm.

The number showed up as a San Antonio, Texas call, and the man had a foreign accent.

The caller knew the Berman’s Social Security number, date of birth, address and place of employment, and told Berman he would go to jail for credit fraud, money laundering, and check fraud if he didn’t pay off his $1,499 loan.

Berman did not have any such loan, but the caller persisted, threatening to contact his employer.

MORE >>>> http://www.krtv.com/news/great-falls-man-warns-of-threatening-phone-scam-attempt/

Be cautious of any personal loan offers you find online and avoid falling for what is known as the – “Advance Fee Loan Scam” fraud.

According to a slew of recent complaints, Assurance Financial Services has been offering these small personal loans on their website. But these loan offers are nothing more than a fraud scam. Consumers are asked to reveal their personal financial information and fork over close to $1,000 to cover supposed administrative costs for the loan by wiring fees to various individuals in Canada. Assurance Financial promises the loan will be deposited in the consumer’s bank account the following day, but it never comes.

MORE >>>> http://www.bbb.org/us/article/assurance-financial-services–assuredly-a-scam-21492?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+US-BBB-Alerts-and-Scams+(US+BBB+Alerts+and+Scams)

ConsumerAffairs.com has also received a number of complaints about debt settlement companies. Kathleen, of Tollhouse, California, reported last November she had problems dealing with a company called Guardian Credit Solution. “We paid them $4490.00 to do a loan modification, which they never did,” she told ConsumerAffairs.com.

ALWAYS look a company up on the Better Business Bureau Website BEFORE doing business with them.

Beware of fraudulent loan advertisements using official financial institution logos.

Advertisements for the fake loans appear in smaller-market and community newspapers and offer mortgage, small business, debt consolidation or other loans. The scam uses the credibility of the financial institution’s logo to induce consumers to apply. To respond to the advertisement, victims call a ‘third-party consultant’ who solicits application information including social security numbers. During this telephone call, the “loan” is always approved.

This third-party consultant then faxes a loan package to the victim. The package includes a request for bank account information. Next, victims wire a required advance payment or a deposit through Western Union to the third-party consultant. The unsuspecting consumer never obtains a loan, but is deceived by the telephone loan approval into sending advance payments or deposits. The consultants disappear and the victims lose their money.

Of additional concern is that the loan package often requests copies of victims’ drivers’ licenses and Social Security cards. This leaves victims open to identity theft in addition to losing their money.

“Never respond to any request to wire funds or send identification information unless you are dealing with your own bank representative. Always err on the side of caution,” said the Attorney General.

ConsumerAffairs.com has also received a number of complaints about debt settlement companies. Kathleen, of Tollhouse, California, reported last November she had problems dealing with a company called Guardian Credit Solution. “We paid them $4490.00 to do a loan modification, which they never did,” she told ConsumerAffairs.com.

ALWAYS look a company up on the Better Business Bureau Website BEFORE doing business with them.