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5 Common Fraud Scams

Blue Financial says sophisticated Internet mortgage scams on rise

PHOENIX, Ariz. -- (August 24, 2006) Blue Financial warns Consumers to be very careful with their personal information on the Internet. Blue Financial announces the top five online mortgage scams that are currently on the rise in the United Sates. Blue Financial says Consumers must be more careful than ever as the prevalence of Online Mortgage Scams are reaching epidemic proportions, and are becoming more and more sophisticated.

Hal Jolley, President of Blue Financial says, "I became aware of the abundance of Mortgage Banking Phishing scams when an employee of ours was Phished by email by a fraudster seeking to get our bank account information. The e-mail looked like it came from a bank. After closer look at all the Spam our Internal Spam Filter was able to catch, I was amazed at how much fraud is occurring in the name of Good Lending practices.

Blue Financial identifies the top five online mortgage scams:
  1. The Fake Mortgage Website Scam- The Fake Website Mortgage Scam is a website set up by scammers to look, touch and feel just like a real licensed Mortgage Banker or Broker’ website. In the scam, you receive an email from a so called Lender, who is really a scammer. These websites are set up by scammers and hucksters for the sole purpose of ripping off your personal information. They are set up for the sole purpose of tricking you to give up your personal information! If you get an email that asks for personal or financial information, do not reply. And don’t click on the link in the message, either. Legitimate companies don’t ask for this information via email.

  2. The Mortgage Phishing Scam- If you are like many people, you have already received email that looks like it is coming from the Mortgage Company, or bank, that you are currently doing business with. It’s a very sophisticated scam called "Phishing" -- and it involves Internet Rip-Off Artists who will send out spam for the sole purpose of luring personal information (credit card numbers, bank account information, Social Security number, passwords, or other sensitive information) from unsuspecting victims. ! If you get an email that asks for personal or financial information, do not reply. And don’t click on the link in the message, either. Legitimate companies don’t ask for this information via email.

  3. The Mortgage Elimination Scam- Scam artists are now hawking the Mortgage elimination Scam online, which promise homeowners the complete eradication and elimination of their mortgage debt in as little as 7 months. Mortgage Elimination programs utilize "questionably legal" documents meant to confuse the homeowner into believing that legal loopholes exist and will work to eliminate their mortgage. To prevent this scam, simply say no. There is no such thing as a Mortgage Elimination Program based on Legal Loopholes.

  4. The Send Your Mortgage Payment to a New Lender Scam- So you receive an email from your lender saying that your loan has been transferred to another mortgage Company, and that you should start sending your payments to the new mortgage company instead. Right? Wrong. Look out! You may have just gotten phished, and some unscrupulous scam artist is looking to have your checks sent to them! If you receive notification that your loan has been transferred, don't take the notification’s word for it. Call your bank using the phone number on your loan documents (not the number on the email you receive about the transfer), and ask them to confirm that your loan was really transferred.

  5. The Fix Your Credit in 24-Hours Mortgage Scam- Scam artists are now hawking the Fix Your Credit In 24-hour Mortgage Scam, which promises homeowners the complete eradication and elimination of credit problems in 24 hours. Often they charge outrageous fees for a service that cannot possibly work, or a service that you can do yourself for free! When it comes to credit repair, only time, a conscientious effort, and a personal debt repayment plan will improve your credit report," No one can permanently improve your credit in 24 hours so pass on the offer, or you will get burned.

If you believe you’ve been scammed, file your complaint at ftc.gov, and then visit the FTC’s Identity Theft website at http://www.consumer.gov/idtheft. Victims of Phishing can become victims of identity theft. While you can't entirely control whether you will become a victim of identity theft, you can take some steps to minimize your risk. If an identity thief is opening credit accounts in your name, these new accounts are likely to show up on your credit report. You may catch an incident early if you order a free copy of your credit report periodically from any of the three major credit bureaus.

SOURCE: Blue Financial

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