Warning - Mob run payday lenders defraud customers.

November 13th, 2008 admin

In the last few years many criminal organizations have figured out a new more deceptive way to steal your identity. It is called payday loan identity theft. Few criminal organizations out there have been prosecuted because it is an extremely difficult crime to prove. The only evidence is the unusually high rate of identity theft among there customers, and that is not enough to get a conviction. This article will attempt to shed some light on this epidemic and show you ways to avoid this scam should you be one of many people saying I need a payday loan immediately or needs to use a same day payday loan service sometime in the future.

With new technology available to law enforcement mob organizations traditional businesses such as illegal gambling and extortion are becoming almost imposable to run profitably. As law enforcement changes, so do the criminal organizations. Now, mob organizations are running more secretive and more profitable organizations than ever before. Whenever you apply for a payday loan you need to give them your name, your address your place of work, your check information and your social security number. Some criminal organizations in order to “maximize” there profits will keep that information and use it to get a loan for homes, cars, lines of credit, anything else they can get. Often times they will have there “employees” rack up thousands of dollars in credit cards buying high end electronics and re-selling them on online auction sites like eBay

I came accross a woman named Jane who got ripped off by one of those payday loan companies. She was robbed at gunpoint at an atm. The thief withdrew $500, the maximum amount she could withdraw in one day. She needed to come up with $400 in two days two make all of her bills. Like many people in her situation she looked to a payday loan for help. They helped her get by for the month while the bank worked to get her money back, but little did she know that the store was run by one of the biggest mob bosses from the 80s. After serving some time in prison for his traditional mob activities he decided to move to something a little more subtle.

It only took a month for the bills to start showing up in her mail. It only took three weeks for the thief’s to rack up $35,000 in credit card debt, and to purchase a $240.000 house which they quickly sold for a bargain of $115,000 in less than a week. The thief made off with over $132,000 after selling the house and high end electronics on eBay.

By chance one of the stores asked to see the person’s id who was purchasing several thousands of dollars worth of electronics. The mob boss not wanting to bee seen in surveillance video himself paid some street thug who obviously wasn’t too smart who showed his id. The name on the credit card and on the drivers license didn’t match, and the police were called. The street thug was arrested and quickly told the police who he was working for. After several months of investigation the criminal organization was shut down. Now that you know about this kind of theft you are probably a little wary of applying for a pay payday loan, but in case you really are in a tight financial situation, here is what should be done. You should sign up with some kind of identity theft prevention service that for a monthly fee does what they can to prevent identity theft, insures identity theft, insures you from damages resulting from identity theft, and they work on your behalf to clear your name. If you identity is stolen it is a very complicated process to prove you didn’t make those charges. It can take upwards of 30 hours to clear you name. If you cant prove that you didn’t make the charges, you may be libel for the charges. Services like lifelock and trusted id which are the two biggest, work on you behalf to clear you name so you don’t have to, and insure you for up $1 million.If you get a payday loan, I recommend taking out an additional $10 to protect yourself from fraud that happens in many payday loan institutions. It has been estimated that up to 15% of payday loan institutions have engaged in this fraud.  Click here to check out Lifelock or click here to check out trusted Id

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What you didnt know about lifelock

September 14th, 2008 admin

Identity theft is often in the news these days and we are warned to be extra careful as to how we dispose of our bank and credit card statements because the simple truth is that identity theft can truly happen to anyone and very often the first that person is aware of it, is when he or she is refused a loan or has been turned down for credit.

Becoming a victim of identity theft has far reaching connotations, apart from the fact their credit rating being destroyed; identity theft is a very personal and devastating crime.

Lifelok who are the industry leaders in protecting the general public from identity theft offer a million dollar guarantee to anyone who subscribes to their service and yet falls foul of this crime whilst under their protection.

Lifelok do charge for this service, currently $10 a month but do readily admit that people could protect themselves for free if they have time to keep up to date with news laws and the various processes required by the credit bureaus. Essentially Lifelok provide peace of mind and freedom from the tedious process of managing the administrative side of this process.

One benefit of belonging to this service is that Lifelok contact the member direct if anyone attempts to obtain credit using the member’s name and that the credit request is actually a valid one.  The company are so positive that they can protect the identity of the general consumers that the head of Lifelok publicly displays his social security number on the website.

The service is fairly comprehensive and consists of:

Fraud alerts are set with the credit bureaus-often within an hour and requested again every ninety days.

The member’s’ details are removed from junk mail lists and pre-approved credit card databases.

Credit reports are ordered from all of the major credit bureaus and sent directly to the member every year.

Help is at hand if a wallet and card details go missing as a Walletlock specialist will be on hand to help the member contact all the card companies.

The recovery of the member’s good name is also included as part of the service and includes hiring case managers and lawyers etc.

Lifelok are different from many of the other identity theft services in that they take a hands-on approach to preventing the theft from occurring in the first instance and there are many positive reviews, which seem to endorse the credibility and success of this company. During 2003-2005, a staggering 28.3 million people were known victims of identity theft.

The harsh reality is that identity theft is big business for those who deliberately assume another’s identity and destroy their credit rating, and it is paramount that the theft is discovered as soon as possible so as to limit the amount of damage that can be done.

This is another reason why registering with a company such as Lifelok can protect the innocent from identity theft and provide the member with complete peace of mind.

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