[Scott Williams]

Anyone else get bank statements from an IT company in Maryland this week that look fishy? Very high deposits/average daily balances, etc. PM if you have.

thanks

[isaacdstern]

we are seeing more and more fraud statements....I really cant see how anyone can fund a deal anymore without login to verify they are real

[AndyYSCISOdept]

we are seeing more and more fraud statements....I really cant see how anyone can fund a deal anymore without login to verify they are real

Isaac, downstairs we followed your advice about starting a file with every fraud statement we get and stapling a legit one behind it so we can compare and contrast and get better at catching them.

[Ditty]

FYI, we just received, and confirmed, bad statements from an electrical contractor in Maine. He was trying to hide two previous and somewhat recent fundings in March and April.

[Finance1]

We've seen multiple fraudulent statements from Chase. I think there is a template out there. Fortunately these were easy to spot because the margins didn't line up perfect and one didn't even do the math right. Which is kinda funny. If you're going to go through all the trouble of putting together a fraudulent statement you can at least the get the most basic part of a statement correct.

[Ditty]

Agreed. Or I've seen them a few times where the account will show current balances of $1M+ (with minimal deposits, and average ledgers that make no sense whatsoever), but they need $50K???

[Scott Williams]

Yeah, I feel like Chase statements are the most common fraudulent statements out there. The ones I had were BOA, but similar to what Ditty said. Carrying an average daily balance of over 300k the last 6 months but needs 50k-75k. That doesn't make sense. Plus, it was an IT company and their website looked like a 3rd grader created it. No way a real IT company would get business deposits of 70k a month with this website. It was terrible looking.

[Finance1]

Scott, we've seen BOA statements as well. Chase just seems more prevalent. Same signs on all of them. Margins don't line up. Font differences. Improper logo placements. Bad math. And of course showing balances that are out of line.

[MaxAdvance]

We've seen a bunch of fraudulent Wells Fargo stmnts. Computer programs are so sophisticated nowadays that these crooks can make them look real legit.

[freddy]

Bank verification or online access is something to not shy away from. If the merchant does not want to give access - then we dont fund.

[1StopFunding]

I got some Chase statements from a detail company. It just looks suspicious to me. Guy has a 95K balance but wants an advance for inventory. Doesn't add up. I told him we would require bank login to verify, he said ok. Still fishy to me.

[isaacdstern]

its really a must at this point...I cant see how you can fund without doing one of the 2

Bank verification or online access is something to not shy away from. If the merchant does not want to give access - then we dont fund.

[ADiamond]

I had a third position deal not too long ago and when I asked the merchant to do a bank verification with me, he had no idea what I was talking about. When asked if he had to do it for his previous two lenders, he said no. No bank verification, landlord reference, or up to date mortgage statement for home based business. These two lenders, who will remain nameless - were better off putting their money on black on the roulette table.

[Chambo]

I had a third position deal not too long ago and when I asked the merchant to do a bank verification with me, he had no idea what I was talking about. When asked if he had to do it for his previous two lenders, he said no. No bank verification, landlord reference, or up to date mortgage statement for home based business. These two lenders, who will remain nameless - were better off putting their money on black on the roulette table.

One of em sounds like On Deck

[@jeannette]

We require bank verification or a call into the bank to verify the statements. I really like the idea of keeping a file to compare the fraud and legitimate statements to, however there are so many banks that could become a huge task.