Sponsor Robert Siciliano as he runs the Boston Marathon for Miles for Miracles, Children's Hospital Boston
ROBERT SICILIANO is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.


Check here if you're human


Identifying Devices can stop Mortgage Fraud

Pin It

What is mortgage fraud? The act of intentionally facilitating the use of, or using, any misrepresentation, misstatement or omission in a deliberate manner, being aware of the same to contain such, during a mortgage lending process, with the aim that the mortgage lender, borrower or any other participant to the mortgage lending process relies upon it.

8DSometimes mortgage fraud involves identity theft. This means consumers must be leery of people who may purchase a house in their name. Today’s lending standards are much more lax than they were three decades ago, creating more opportunities for scams.

First time home buyers, low income buyers, naïve buyers and illegal immigrants are often targets of predatory lenders.

Be aware of lenders who:

  • Target poor neighborhoods
  • Offer financial incentives for providing employment records
  • Offer financial incentives to find purchasers
  • Practice double closings: The buyer signs several mortgages on the same home which quickly settle, thus preventing lenders from catching wind of the fraud.

“Demand for consumer financing in the U.S. is growing at more than 5 percent per year, challenging lenders to adapt to rapid customer acquisition and an ever-changing environment,” points out iovation Director of Business Development Steve Hanson. He adds: “Therefore it’s essential that lenders stay apprised of the latest industry developments and regulations so they can develop customized strategies that benefit their clients and business.”

A giant step in putting a plug in mortgage fraud is to identify the devices responsible for committing fraud.

With a combination of advanced device identification, real-time risk evaluation and shared device reputation, iovation provides protection from fraud to online businesses and their end users.

iovation’s device reputation databases is the largest in the world, protecting over 10 million transactions, halting an average of 200,000 fraudulent activities on a daily basis.

Robert Siciliano, personal security and identity theft expert contributor to iovation. He is the author of 99 Things You Wish You Knew Before Your Mobile was Hacked! See him knock’em dead in this identity theft prevention video. Disclosures. For Roberts FREE ebook text- SECURE Your@emailaddress -to 411247

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

Similar Posts

  • How to Spot a Mortgage Scam
    Mortgage fraud is when someone knowingly uses or facilitates the use of any deliberate misstatement, misrepresentation, or omission, knowing the same to contain a misstatement, misrepresentation, or omission, during the mortgage lending process with the intention that it be relied on by a mortgage lender, borrower, or any other party to the mortgage lending process. In
  • Identity Theft Can Lead to the Most Devastating Instances of Mortgage Fraud—Identity Theft Expert and Speaker on Personal Security
    (BOSTON, Mass. – April 4, 2007 – IDTheftSecurity.com) The Federal Bureau of Investigation and the Mortgage Bankers Association (MBA) have recently added to their joint efforts against mortgage fraud. Robert Siciliano, a widely televised and quoted personal security and identity theft expert, encouraged their cooperation and pressed for more action. According to Siciliano, identity thieves
  • Why Complex Device Identification Isn’t Enough
    “Simple device identification” relies on cookies or IP addresses to confirm that a customer is logging in from the same PC that was used to create the account. The Financial Federal Institutions Examination Council has explained the fallibility of this system: “Experience has shown this type of cookie may be copied and moved to a fraudster’s PC, allowing
  • Mortgage Fraud and Identity Theft: Like Chocolate and Peanut Butter
    Robert Siciliano Identity Theft Expert You don’t need to own a house to become a victim of mortgage fraud. Heck, you don’t even need to be older than 3 to be a victim. As long as the thief has a Social Security number, they can apply for loans in your name. Lexis-Nexis Mortgage Asset Research Institute
  • Online Credit Applications Ripe For Fraud
    We currently rely on easily counterfeited identification, and we transmit credit card applications using the phone, fax, Internet, or snail mail, all of which are relatively anonymous methods. Fraudulent credit card applications are the most lucrative form of credit card fraud. Identity thieves love credit cards because they are the easiest accounts to open, and they

Comments are closed.

Xtreme School

Featured in

Anderson Cooper John Stossel Robert Siciliano Featured in
Browse by Month

Browse by Category