Challenged with combating fake paystubs?
The challenge of combatting fake paystubs has become an increasing reality for lenders – more so for some than others, depending on the type of lending. Recently, an investigative reporter, Aaron Diamant with WSB-TV Channel 2 Action News in Atlanta, went undercover to see just how easily he could get his hands on fake paystubs and other financial documents.
While we are all starting to learn just how easy it is to obtain fake paystubs, what Diamant discovered was shocking. For only $50, a producer with the news station was able to buy fraudulent but authentic-looking financial documents from a seller on Craigslist. And what’s even more shocking is the fact that, according to authorities, producing, selling and/or buying these fake documents is not illegal.
Prosecutors and investigators that Diamant spoke with said they’ve seen fake documents like the ones purchased on Craigslist in a variety of fraud schemes from bank loans to auto financing, and even in mortgages.
It’s a scary reality that lenders are facing today. Thankfully the battle to combat fraudulent paystubs doesn’t have to be fought alone – there are solutions available where lenders can obtain income and employment verifications from a third party provider. Leveraging solutions like this can help lenders get better insight into an applicant’s employment situation without having to rely on applicant-provided documents.
Read the entire story, 2 Investigates: Fake W2s and paystubs for sale online, from Channel 2 Action News here.
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