Home prices may be falling, but mortgage fraud is not. The Sacramento Bee reports that seven people were found guilty in a mortgage fraud scheme targeting the Latino community. When identifiable groups such as religious or ethnic communities, professionals, and the elderly are preyed upon – this is defined as affinity marketing or affinity fraud.
Every year, millions of Americans fall victim to financial fraud and scams. In 2018, over 1.4 million fraud reports were submitted to the Federal Trade Commission (FTC) with claims of financial losses over $1.48 billion (yes, billion with a “b”). Although the median financial loss was $375, this is only based on reports that were
The California Department of Business Oversight (DBO) found that California Check Cashing Stores (CCCS) willfully misled and deceived borrowers to evade the California Financing Law (CFL) interest rate cap. This settlement requires that CCCS pays $105,000 in costs and penalties and refunds approximately $800,000 for consumer loans and payday loan transactions. Consumers who believe they may qualify for
Are you concerned about the data breach of Marriot’s Starwood properties affecting the hundreds of millions of customers who stayed there between 2014 and 2018? Data breaches are scary—and they’re on the rise! Cyber-criminals are increasingly using sophisticated and cutting-edge technology to steal personal information. If you believe that you may be affected by this
There’s a new organization aimed at tackling the nation’s student loan debt issues. The Consumer Financial Protection Bureau’s former student loan ombudsman, Seth Frotman, announced on Wednesday, November 28, 2018, that he’s launching and heading the Student Borrower Protection Center. The newly formed group plans to work with organizations across the country addressing student loan
A new tactic that imposters and scammers are using is asking for payments with gift cards. a popular way for scammers to steal money from you. That’s because gift cards are like cash: if you buy a gift card and someone uses it, you probably cannot get your money back. Many different kinds of imposters ask
Across the nation, regulators and charity officials are joining together to take part in the first International Charity Fraud Awareness Week. Learn how to make sure your money gets to where it will really make a difference. To check out the FTC’s new video, “Make Your Donations Count” and learn how to find out if
The California Department of Real Estate (DRE) issues a consumer alert about Fraudulent Wire and Electronic Fund Transfers Criminals and scammers are posing as legitimate companies and/or professionals to convince consumers with fraudulent instructions to divert funds electronically (money wires and electronic funds transfers) to the accounts of the criminals, often overseas, resulting in the