Are You The Next Target of a Scam?

February 19, 2011 by Chase Pacific

According to the FBI, mortgage related scams are up 173% from last year.  Attempts to scam people out of their life’s savings are nothing new.  But with technological advancements, scammers are becoming more sophisticated.  Learning how to quickly spot these scams will prevent you from becoming their next unsuspecting victim.  As a customer service, Chase Pacific Property Management is pleased to provide you with information about the top 6 scams:

1)      Mortgage Fraud:  there are many types of schemes, including foreclosure rescue, loan modification or reverse mortgage scams, and all contain some type of material misstatement, misrepresentation, or omission of information relating to the property or the potential mortgage.

2)      Unauthorized Credit Card Charges:  Scamming occurs when a business that has your credit card information on file makes unauthorized charges and hopes that the victim either doesn’t notice or thinks that reversing the charges will be too much trouble.  To get your credit card information, some companies will offer a “free trial” and then sell the credit card information to another disreputable group.

3)      Overpayment Scams:  Fraudsters negotiate contracts requiring payment to their victims.  Ultimately, the victim receives an illegitimate payment larger than the amount owed, and then the scammers instruct the victims to wire the money back to them.  Several varieties of this scam exist, such as secret shopper, pet schemes and false roommates.

4)      Identity Theft:  This type of scamming occurs through he use of fraudulent, unsolicited emails that use spam to steal identity information.  The emails typically solicit personal information, such as bank account number by falsely claiming that the FBI or IRS needs such information for an investigation and that non-compliance will be prosecuted.

5)      Insurance Fraud:  In these cases, the scammer files a false insurance claim as an illicit attempt to collect insurance proceeds.  For example, arson related incidents have been reported by homeowners of distressed properties in an attempt to avoid foreclosure.  The estimated amount of insurance fraud in the United States is as high as $80 billion each year.

6)      Computer Intrusion Scams:  In frauds such as Nigerian email scams, the scammer claims to desperately need short term financial assistance to see them through a crisis with the false promise of full reimbursement and a generous cash gift for their assistance.

It is estimated that up to 30.2 million adults – 13.5% of the adult population are victims of one or more of these types of frauds each year.  The staff at Chase Pacific Property Management strongly recommends that you educate yourself to these types of scams that seem somewhat harmless, but can be a huge financial burden to you and your family.  To learn more, go to the following websites:  FBI.gov, hud.gov/offices.oig, consumeraffairs.com, and nicb.org.

Category: Misc. Tips for Owners And Tenants