Fraud
How to get caught committing insurance fraud
The Insurance and Financial Advisor, a Web site that covers the news of the insurance industry, reported that Daniel Macken, of Wrigleyville, Illinois, is under arrest, charged with the felony of insurance fraud. Apparently, Macken, 60, took out two life insurance policies, worth $200,000, on himself. Then, posing as his own beneficiary, Macken tried to convince the insurance company he had died, backing up his claim with numerous forged documents. It didn't work, and Macken is very much alive, as authorities verified when they arrested him on December 7.Interesting story, but hardly new. Insurance fraud has been going on for centuries. There's even a classic film noir about insurance fraud, 1944's Double Indemnity. The Coalition Against Insurance Fraud, a watchdog group that's been around since 1993, collects stories of insurance fraud, and every year, they have an annual hall of shame.
Seven top scams that target seniors
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Mortgage fraud up 276%: How you can avoid being a victim
There is something about human nature that when times get tough, crooks get more bold. Such is the case with mortgage-related fraud.The FBI is reporting that there is an estimated 276% leap in mortgage-related fraud cases over last year. The agency is keeping tabs on more than 174,000 new cases from coast to coast -- though California, Arizona, Michigan and Nevada seem to be among the most hard hit areas.
"From foreclosure frauds to subprime shenanigans," says the FBI website, "mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy."
Ask the Dolans: Are there any legitimate work-at-home businesses?
Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.
Click here to ask Ken and Daria your question.
Everyone is looking for easy ways to make an extra buck these days. Whether you've lost your job or are just looking to supplement your income, work-at-home ads can sound pretty tempting. But many of these offers are just ripoffs. The Dolans show WalletPop reader Teresa the Number 1 rule for spotting a work-at-home scam, plus offer some great ideas for legitimate ways to make money.
Dear Ken and Daria:
I have young kids at home and want to make some money. I see a lot of work-at-home offers out there on TV and radio but don't want to get caught in a scam. Are there any legitimate opportunities?
--Teresa
Discover 11 simple ways to find extra money now, along with advice on everything from debt management to retirement planning now at Dolans.com.
Facebook to streamline privacy for users
Mark Zuckerberg released an open letter to Facebook users that promised to keep information private by making it simpler to do so. Zuckerberg also said that Facebook, originally created for college students to find one another, has grown exponentially and that its current regional networks are therefore obsolete:
The plan we've come up with is to remove regional networks completely and create a simpler model for privacy control where you can set content to be available to only your friends, friends of your friends, or everyone. . . .
Since this update will remove regional networks and create some new settings, in the next couple of weeks we'll ask you to review and update your privacy settings. You'll see a message that will explain the changes and take you to a page where you can update your settings. When you're finished, we'll show you a confirmation page so you can make sure you chose the right settings for you. As always, once you're done you'll still be able to change your settings whenever you want.
H1N1 scam spreading like the disease itself; CDC issues warning
Scammers are now capitalizing on fear of H1N1 (swine) flu and the limited availability of the vaccine to steal people's personal information.The U.S. Centers for Disease Control and Prevention issued a warning that an email is being circulated purporting to be about a CDC-sponsored state vaccination program. The email asks that recipients click a link to create a "personal profile" that collects personal information and installs malicious coding on the computers of those who click it.
Buyer beware: BBBcertifiedgifts site not part of the Better Business Bureau
How exactly is BBBCertifiedGifts.com able to offer a $1,000 Walmart gift card for $79.95 -- with similar offers on other gift cards? The short answer: It can't .
Kiva: A great idea that isn't exactly what it seemed - how to find a charity you can support
The online micro-finance charity Web site Kiva rose to be a shining non-profit success story in the recession years. It marries the trendiness of social entrepreneurship with an almost perfect combination of online applications. If you haven't used the site before (and, full disclosure, I've been donating above-average amounts for about a year), try it.It's hard not to be fascinated and compelled by the hundreds of people in mostly developing countries (U.S. candidates were added this year) telling their stories, asking for not much more of an investment in their business than we fat Americans spend on lunch at Subway. I've made loans to budding clothing sellers in Mongolia and Tajikistan; a struggling restaurateur in Cambodia; and a nascent women's' transportation cooperative in Pakistan. One borrower, a young man from Ukraine with a wife and child who wanted to expand his cab company, actually paid me back in full. I took the money and gave it to another entrepreneur. It's quite a feeling to personalize charity in this way. And from a non-profit perspective, it's a Holy Grail, a killer app, a nano-Nirvana: It makes the donor happy, and keeps dollars coming in.
Except I found out recently that's not how Kiva actually works. Not quite.
Five words to never to say to your lender
Getting a loan can be a difficult task in this economic environment. Many lenders won't even consider an application for a mortgage unless your credit score is above 740. Others will consider an application, but zap you with an outrageous interest rate.Even if you have excellent credit, there are still some phrases you should never say when trying to get a loan. For example:
1. DESPERATE
One of the worst things you can say to a loan officer is that you desperately need the money, then ask how can you speed up the loan process. That's putting a big red flag in front of the loan officer. He'll wonder what the emergency is and is more likely to decline your application.
Scam busters turn the tables on those running the Nigerian scam
Beloved One,I have the Courage to Crave Indulgence for this most opportune business venture...
Look familiar? A day doesn't go by day that I don't receive an e-mail from people with names like Dr. Fortunate Goodpence or Mrs. Pius Motubo soliciting my aid in recovering millions from banks in Nigeria, if only I just sent a little money to get started. Which means I greet each morning with the same thought: who still falls for this crap?
Modern advance-fee scams, commonly called 419 scams after the number of the Nigerian Criminal Code, have been around for over twenty-five years, but exploded with the growth of the internet. So you'd think we'd all be wise to them, yet the latest statistics available show that worldwide losses to these kind of scams topped $4.3 billion in 2007 - and those were just the ones reported. Because, let's face it, losing money due to greed and a sense of colonial superiority to Africans is super embarrassing.
Wine scammer pleads guilty to setting California cellar fire
The largest wine scam in the history of the United States was partly resolved this week with Mark Anderson's plea of guilty to numerous counts associated with torching a wine storage facility in the San Francisco area in 2005 to cover the tracks of his wholesale theft. The blaze destroyed 6 million bottles of top-drawer wines worth an estimated quarter of a billion dollars.
Hanging up on Rachel: Robo-calls have been banned, yet the phones keep ringing
"Hi. This is Rachel from Cardholder Services." It's safe to say that millions of Americans have received a call from Rachel or one of her robo-calling cohorts at some point. In fact, there have been so many complaints about calls from robo-dialers with pre-recorded announcements that the government has almost entirely banned them. As of September 1, the Federal Trade Commission barred all prerecorded telemarketing calls unless a consumer gives their written permission to receive them furst. Robo-soliciting over cell phones was already prohibited by the Federal Communications Commission several years ago.
Just don't tell that to Rachel. She doesn't appear to be slowing down -- and, at least for the time being, no one can stop her because it's not clear where she comes from.
Fraud
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Interest Rates
| Type | Current | APR |
|---|---|---|
| 30 yr fixed mtg | 5.20% | 5.33% |
| 5/1 ARM | 4.28% | 3.77% |
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Ask Me About Fraud
How to get caught committing insurance fraud
The Insurance and Financial Advisor, a Web site that covers the news of the insurance industry, reported that Daniel Macken,...
Seven top scams that target seniors
Seniors are one of scam artist's favorite targets. More than 25 million seniors were victims of fraud last year according...
Mortgage fraud up 276%: How you can avoid being a victim
There is something about human nature that when times get tough, crooks get more bold. Such is the case with mortgage-related...
Ask the Dolans: Are there any legitimate work-at-home businesses?
Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday. Click here to ask...
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