Detecting fraud

Article Abstract:

Credit applications should be carefully examined for traits that could indicate the possibility of fraud. Names that are unusually foreign-sounding, with unusual configurations, or the same as those of well-known personalities should be further investigated. Signatures that are hard to read, unusually scrawled, underscored or written over should also scrutinized more closely. Other fraud traits that credit professionals should look for in information given in credit applications are provided. However, credit managers are cautioned not to consider these traits as real and actual indicators of fraud without verifying them first. Suggestions for comparing applications and credit files are offered.

Credit management

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"Credit doctor" warnings: Comptroller of the Currency and BBB Council issue advisories

Article Abstract:

The Comptroller of the Currency and the Council of Better Business Bureaus have issued advisories pertaining to the fraudulent accessing and manipulation of credit reporting agencies' files by self-styled 'credit doctors.' Credit doctors obtain credit records for customers by selecting and using records of people with names that are similar to customers' names. The recently issued warnings alert bankers and individuals about common illegal activities and the warnings suggest that individuals periodically check their credit records to guard against fraud.

Economic policy, United States. Office of the Comptroller of the Currency, Council of Better Business Bureaus

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Credit grantors, protect your profits: count on FACS for assistance against application fraud

Article Abstract:

The first step in combating credit card fraud is prevention, followed by action. Credit card fraud prevention has made great strides with the establishment of FACS (File Address Check Service) from TRW Information Services. FACS allows potential grantors of credit to check the validity of social security, address, and telephone information. Information is also given on birthdays and other data.

Services, Prevention, Credit bureaus, Commercial credit fraud, TRW Inc. Information Services Div.

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