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Fraud Friday — SBA Equity Injection Docs Selling on Craigslist for $95

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July 10, 2015

By Bob Coleman
Editor, Fraud Friday

Next time you verify equity injection from a paper bank statement, be careful.

You can buy a bank statement on Craig’s List from a variety of vendors for $95.

Or, need a pay stub — only $35. And that includes verification, however that works!

A social security card is $175, a rental agreement is $250. A utility receipt? Like the one’s used by the Department of Homeland Security for Global Entry cards — $65.

This sounds like something that could be useful, “Tri-merge in depth credit report with 700 + scores: $300.”

Oh!, a GED will run you $150, for for a measly $50 more, you can get a bonafide Bachelor Degree from your new alma mater. They’ll throw in your new birth certificate for another $200.

The fun doesn’t end there. Personal tax returns are only $110. Same for a business tax return.

And the vendors are accomodating. (Original typos included)

“Made just for you 🙂

“I only do Honest, Legit work. You can trust me. I use high quality equipments to make all id’s and documents. All items look and feel 100% genuine. All of my Items are made the same day the payment is recieved and the items will be mailed out thru regular USPS mail — Or if you need the items sooner, i can mail to you via FedEX Next Day Shipping for an additional $10.”

Hopefully the typos will spill over the work product delivered by your borrower.

Sean Murray of debank.com writes, “Industry-wide, funding companies are complaining that attempted fraud is out of control. One broker recently took to the dailyfunder forum to share her frustration. ‘I can spot them a mile away!!! 2 different deals submitted this week with fraudulent statements!!!,’ she vented.

“Other brokers chimed in, sharing their stories such as a merchant whose doctored statements were only noticed because ATM withdrawals were listed with odd amounts like $90.83.”

A solution?

“Online business lender Kabbage might have the best model. On their website, applicants are instructed to enter their email address followed by their bank account username and password. Their system will analyze their bank transactions and if eligible, will then ask the applicant for their first and last name. It flies in the face of all the pushback that funders claim merchants give them over data privacy and security.”

Or you can hire Microbilt.

“A lot of these issues can be easily overcome by simply disregarding paper statements altogether. Microbilt’s instant bank verification tool for example, will allow you to pull the most recent 90 days worth of transaction data directly from the banks themselves. Funders using these automated checks swear by their effectiveness and the capability is essential for any company that wants to scale.”

Reinforces my occasional rants that Character is the first C in the 5 C’s of lending.

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