Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CUNA Mutual: Watch Out For Fake Car Dealers
MADISON, Wis. (8/27/13)--Credit unions nationwide are warned of loan-fraud schemes involving fake independent car dealers located in Indiana and Florida, according to a CUNA Mutual Group Risk Alert for its bond policyholders.
 
Fraudsters recruit individuals to open accounts at credit unions under their real identities and apply for loans to purchase high-end vehicles from the fake car dealers. The individuals are paid for their efforts (The New Jersey Credit Union League's The Daily Exchange Aug. 22).
 
CUNA Mutual said credit unions should consider these risk mitigation steps when processing loan applications submitted by new members for the purchase of vehicles, especially high-end vehicles, from unknown independent car dealers:
  • Scrutinize loan applications, whether submitted online or in person, by new members for the purchase of high-end vehicles from unknown independent car dealers.
  • Compare employment information listed in the loan application and employment/income verification documents (such as paystubs) to the current employer listed in the credit reports. If there is a discrepancy, contact the employer using a reliable telephone number to verify employment.
  • In reviewing the credit reports, be alert for a large number of recent inquiries by other financial institutions.
  • Verify vehicle identification numbers (VINs) listed on the purchase orders by using websites such as carfax.com. Use the LexisNexis Motor Vehicle Registration service to verify vehicle registration records. The department of motor vehicles in some states may offer online VIN verification. Be alert for vehicles that changed ownership.
To view the alert, use the link.
RSS





print
News Now LiveWire
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
14 minutes ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
18 minutes ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
38 minutes ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
1 hour ago
~40M tax refunds worth $125B issued as of Feb. 20 @IRSnews reports. Average refund=$3,120 http://t.co/VgcLs6chhq
2 hours ago