The top 7 ways of credit fraud

The increased demand for borrowed money generated a lot of offers and became the main reason for competition of financial structures. They have simplified lending procedures for citizens to such an extent that it has provoked the development of fraud in the design and issuance of loans. Let's look at the most common types of loan fraud and the schemes used by criminals.

№1. "Identity theft" or credit with false documents

Most cash loans are obtained with fake or stolen persona papers. Loss of a passport is the first reason to become a victim of fraudsters. Soon after it happens, a person may find out that a consumer loan was issued to him. Usually, fraudsters need cash, so the mortgage or car loan is unlikely. And bank security checks are tougher in this case. However, there will be enough hassle: all financial institutions will find out about your unpaid loan, and you will be put on the "black list" of customers, and you will have to prove your innocence through the court. Even those who have never lost their documents are in the "risk zone": an intruder needs only to know confidential information to apply for a loan.

The worst thing is that they are difficult to find and recognize them as swindlers.

How to prevent it: Take care of your papers; do not leave it to anyone under any pretence. Do not disclose confidential information and do not check it aloud.

№2. Loan to a friend

A difficult situation - when a friend asks to become a guarantor, or even persuades to issue a loan to you because of his ineligibility for the bank. As the popular wisdom says: "If you want to lose a friend, lend him money. He may be willing to pay verbally, but no one can be sure of his ability to pay for a couple of years to come. If at one "perfect" moment the friend stops paying the loan, all the liabilities will fall on your shoulders.

How to prevent this: No loans or guarantees for people you know. Remember that a stranger's soul is a mystery. It's better to lend and accept in advance that the money will not pay you back.

№3. Family fraud

Not so long ago "family" fraud, when loans are executed for relatives, became widespread. The problem has reached global proportions. Many banks gave cash credits on passports of namesakes or distant relatives for billions of dollars. At the same time there are even more suspicious attempts to make loans using other people's documents. Attackers in this case are acting according to a clear scheme: they pretend to be a relative (the similarity is often obvious) trying to get as many loans as possible in different organizations at the same time.

How to prevent it: Never give your documents, even to people you trust.

№4. False schemes when applying for express loans at stores

Lots of retail chains offer to buy merchandise by taking out express loans. Scammers got to them, too. The scheme in this case is to exchange the purchased equipment for cash. For example, a person decided to buy a plasma TV on credit. At the time of the loan, a "middleman" comes to him and offers to buy back the equipment for half the price, but asks for a down payment, which means that the victim forgets about the loan agreement and gets a handsome sum of money. But then the intermediary disappears, and the client is left without a TV, for which the bank demands to pay the full amount with interest on an overdue loan. In this situation it is almost impossible to prove fraud - the documents are signed by the client.

How to prevent it: Do not believe people who promise to pay the loan for you. The lack of an intermediary contract is the first sign that you've been approached by scammers. Don't settle for easy money, as you'll have to pay back much more. It is better to refuse a purchase that you are not prepared to pay for or find someone to borrow money from.

№5. Scammers among loan officers

Alas, loan fraud in banks is quite common. At least five schemes are possible here. Sometimes unscrupulous employees of the organization promote the criminals or collude with them, but more often they use deception: they place ads about "quick loan without income certificate". As soon as a person applies and gives his passport for a contract, swindlers draw up several loans in his name. Often they demand to pay a certain amount "for the card issue" in advance. Then the passport is returned, citing the inability to issue a loan for a good reason. After a while the fraudsters disappear, and the credulous client receives letters from banks saying he has to repay overdue loans of which he has no idea.

How to prevent this: Do not turn to unknown individuals for help and do not pay for services in advance. Passport has already been mentioned in the first paragraph.

№6. "Black brokers"

These are third parties who are willing to cheat the bank in order to get a reward for the loan a person received. They offer documents with false information about the borrower. As a rule, such a "broker" is able to forge a client's certificate of income and even confirm the data on the non-existent place of work. But such jokes end badly - the security service of the bank quickly detects discrepancies, the broker disappears, and the borrower spoils his credit history and can subsequently fall under administrative or criminal proceedings.