|
|
|
The Better Business Bureau has reported a relatively new online scam regarding fraudulent grant offers. Because it is the season for college enrollment and educational lending offers, please be aware of the details of this scam, as follows:
Victims are solicited online regarding grants that may be available to them. These grants may be for education, debt relief, low income subsidy or any other type of "financial aid".
Responding victims apply for a grant and are sent printed information along with a check, typically for $4,975.00. They are then directed to a web site for instructions. That site then instructs the victim to purchase a specific variety of stored value credit card known as the GREENDOT Reloadable/MoneyPak and load it with the grant broker's "commission".
Victims are promised a second, larger check after the stored value card number is e-mailed to the broker. The card is quickly liquidated and the original check is later returned as a counterfeit item, or an item issued from a closed account.
The fraudulent websites used in the scam include:
| www.jqbank.com |
| www.grantchecks.com |
| www.beverlyhillsgrants.com |
| www.grantoutlet.com |
| |
| There may be other sites associated with this fraud, since scammers tend to move their operation to a new web site when one site attracts scrutiny. |
Why this scam is of particular concern:
- A grant seems like a reasonable explanation for receiving a large sum of money, especially for college students;
- The counterfeit checks often seem to be issued from an active and verifiable account, typically at Wells Fargo;
- Convincing printed information is provided to the victim with a plausible explanation for why funds need to be sent back to the broker, such as to confirm there is no conflict of interest or to be in compliance with regulatory requirements;
- Money is transferred back to the scammer via a stored value credit card. This method allows the scammer to avoid the suspicion often generated by wire transfers. This method also facilitates further laundering of the stolen funds.
Signs that the "lender" is a scammer include:
- Pressure for the potential victim to act immediately;
- Offer of "guaranteed" loans, even if you have bad credit, no credit or a bankruptcy;
- Refusal to provide a street address location;
- Demand that the potential victim wire or send money before a loan offer is confirmed in writing;
- Written communications that contain typos and grammatical errors;
- Telephone services for the lender that are never answered or voice mail boxes are always “full.”
|
|
