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Savvy Consumer Information Center - Scams and Frauds

Savvy Consumer Information Center - Scams and Frauds

Scams and Frauds
Here are some of the latest Scams, Frauds, and Consumer Abuse items in the news.

Cars - Computers - Education - Employment - Family - Federal Programs - Food
Health - Housing - Money - Small Business - Travel - And more...


Fraudulent Ads Using Official Financial Institution Logos - The Federal Deposit Insurance Corporation (FDIC) warns of frauds using official financial institution logos in newspaper ads. The scam begins with a fraudulent ad for mortgage, small business, debt consolidation or other loans placed in smaller-market or community newspapers. The phone numbers in the ads are for prepaid cell phones. The consumer (victim) provides application information, including his or her Social Security number, over the phone to a "third-party consultant" and is told that a loan is "granted." A loan package is faxed to the victim and includes a request for bank account and other personal information. The victim is asked to make an advance payment or deposit before the loan is advanced by wire transfer. The deposit is wired to the "third-party consultant." Basically, the consumer in this scheme does not obtain a loan; rather, this is a method to obtain advance payments from the victim. Read more...

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