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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 criminals, because [...] [...more]
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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]
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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 [...] [...more]
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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]
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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 from standard [...] [...more]
