Merchant Cash Advance Fraud

Merchant Cash Advance Fraud
Posted on June 27, 2011 at 11:14 PM

At least two separate Merchant Cash Advance (MCA) financial service firms are the victims of business identity theft, insiders shared. In each case, the alleged scammers operating from outside the U.S. are misrepresenting themselves as being affiliated with specific U.S. MCA firms. This allows them to earn the trust of unsuspecting individuals.

The key difference is that the impostors claim to provide debt consolidation services and personal consumer loans with terms that are too good to be true. Neither product is typically offered by MCA firms. Individuals that fall for the scam are instructed that to receive the loan, they must wire their first few payments as collateral. The bank receiving the wire is reportedly to be located in Canada.

The business identity theft operation is believed to be the work of skilled con artists, not amateurs. If you believe you are the victim of financial fraud, please share your story with us at webmaster@merchantprocessingresource.com

– The Merchant Cash Advance Resource

http://www.merchantcashadvanceresource.com

Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.