Results 1 to 16 of 16
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10-22-2013, 02:59 PM #1
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
Los Magueys 3 FRAUDELENT ACCOUNT
Just an fyi, this deal has been passed around and i think someone is about to fund him, he has sent me statements that are fraudulent, and very well done.
Just thought I would give you guys a heads up.
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10-22-2013, 03:56 PM #2
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Oops I think I funded him
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10-22-2013, 04:21 PM #3
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10-22-2013, 05:05 PM #4
- Join Date
- Dec 2012
- Posts
- 116
NAMAA sees 3-5 fraud alerts per day from the member companies. Lately many are from manufactured or altered bank statements.
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10-22-2013, 05:10 PM #5
- Join Date
- Sep 2013
- Location
- Sunny Isles, FL
- Posts
- 44
But now with logging into the bank account to verify, this type of fraud is always discovered.
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10-22-2013, 05:31 PM #6
- Join Date
- May 2013
- Posts
- 18
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10-22-2013, 05:35 PM #7
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10-22-2013, 05:35 PM #8
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10-22-2013, 05:55 PM #9
- Join Date
- Sep 2012
- Location
- Gainesville Florida
- Posts
- 168
We use a third party system API to do the bank verification with the merchant providing their information to that system. This is required before funding.
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10-22-2013, 05:57 PM #10
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10-22-2013, 08:30 PM #11
If you guys are all logging into bank for verification, what do you still require bank statements for then? Just get one, log in, and then you have all the data you need.
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10-23-2013, 08:56 AM #12
- Join Date
- Sep 2012
- Location
- Gainesville Florida
- Posts
- 168
Sean,
We do it for verification that our test debit has cleared, that there are no other funders debiting or crediting, and we do the day we fund for that reason. We do get 90 day but as stated before we are pulling this the day we fund vs. at the start of the application as too many things can happen between initial app and time of funding. Also IBV is not a cheap data pull and at certain volumes it does not make sense to use at the start of an application vs. when you know it is going to fund. You spend a lot of money on investigative services in this industry and where and when you pull certain data in the underwriting process can help alleviate the overall cost of acquisition and allows us not to fee the merchant for funding them, as we have no application fee. This is also true in algorithm models as well.
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10-23-2013, 01:39 PM #13
- Join Date
- May 2013
- Posts
- 18
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10-23-2013, 04:18 PM #14
- Join Date
- Sep 2013
- Location
- Sunny Isles, FL
- Posts
- 44
Paper Statements are the way to get approval, im not sure what the lenders do, but prior to funding they login and make sure the paper statements match online.
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10-28-2013, 08:07 AM #15
- Join Date
- Aug 2013
- Posts
- 196
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10-28-2013, 08:13 AM #16
- Join Date
- Aug 2013
- Posts
- 196
And for the ISO's on here.
If you have knowledge of a client doing this do not submit them. This will only burn your bridges down the road...