Business Identity Theft On The Web

Nine years ago, I wrote about business identity theft.  The problem has not gone away.  Earlier this week, California's Department of Business Oversight issued a warning about company that is impersonating itself as a licensed lender in order to perpetuate an advance loan fee scam.

An advance loan fee scam targets people with bad credit and promises (but does not deliver) loans in exchange for a fee.  The Federal Trade Commission has identified the following "sure fire" signs of these scams:

  1. A lender who isn’t interested in your credit history.
  2. Fees that aren't disclosed clearly or prominently.
  3. A loan that is offered by phone.
  4. A lender who uses a copy-cat or wanna-be name.
  5. A lender who is not registered in your state.
  6. A lender who asks you to wire money or pay an individual.