Several more HELOC fraudsters were apprehended last week in the government’s effort to disband a powerful crime ring. ComputerWorld reports: “Federal authorities say they have taken another step toward busting a multinational identity theft ring that is alleged to have used stolen personal data to withdraw millions of dollars from home equity line-of-credit accounts at [...] [...more]
A massive HELOC fraud ring was recently shut down by the federal government, after millions in losses. Dark Reading reports: “Federal agencies said Monday they have arrested three members of an identity theft ring that has stolen more than $2.5 million by fraudulently accessing home equity lines of credit… HELOCs are an attractive target for [...] [...more]
Even if you’ve never taken out a home equity line of credit, you may be vulnerable to HELOC fraud. There’s been a recent increase in the number of unauthorized home equity lines. With enough personal information, a criminal may be able to open a line of credit in your name and withdraw the funds without [...] [...more]
A new program is being advertised to help lenders detect potential fraud in home equity lines of credit / loans. A press release for the FraudMark software claims that it can identify up to 60% of fraudulent loans by reviewing 10% of the total applications. “BasePoint Analytics(TM), a leading provider of scientific fraud and risk [...] [...more]
Keep an eye on your credit report this year – new research shows that thieves are targeting home equity line of credit borrowers. The New York Times explains: “A home equity line of credit is an ideal vehicle for criminals, according to Steve Bartlett, chief executive of the Financial Services Roundtable, a consortium of banking-related [...] [...more]
If you’re a homeowner, it’s important to stay aware of mortgage scams such as HELOC identity theft. According to a recent Consumer Affairs article, home equity identity theft has become increasingly common. Here’s how the scam works: “Some con artists steal consumers’ identities to drain Home Equity Line of Credit (HELOC). These HELOC loans differ [...] [...more]
