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Avoiding Fraud
Small business loan fraud and all fraud hurts every small business. Small businesses can no longer consider fraud a normal cost of doing business, the stakes are too high. Data sharing acts as a powerful weapon against frauds such as:
-Advance Fee Loan Scams
-Internet
-Domain hijackings
-Telemarketing
-Fraud against the elderly
-Ebay
-Lottery scams
-Credit card fraud
-Bank Account fraud
-Telephone
-Foreclosure
-Identity theft
Be wary of illicit advance-fee small business loan schemes. Do not give any payment or credit card information to a company without first checking them out with the BBB, Chamber of Commerce, and other authorities. Many fraudulent companies prey on consumers with poor credit histories. These consumers are particularly vulnerable because they have run out of options. The Better Business Bureau warns consumers and small business owners to report companies who try to dissuade people from contacting a credit bureau directly, refuse to inform people of their legal rights for free, or seek upfront payment.
Initial Underwriting Group offers small business owners a guide for building financial stability, finding creative ways of financing and repairing their business credit. IUG knows how difficult it is to find money with bad credit, but it is out there. Please contact us for more information about the Better Business Bureau (BBB), small business credit and small business loan fraud.
Registering with Widely Accepted Focus Groups to Improve Ability with Operating a Small Business
Fraud is a growing concern today which appears in many varied situations but using focus groups can help with operating a small business. Registering with widely accepted focus groups increases authenticity in daily business transactions. Internet fraud is a major concern, with an increased need for encryption. VeriSign is a leader in securing e-commerce and communications for websites, intranets and extranets. VeriSign secures the sites and protects the brands for companies, banks, governments and public institutions.
Statistics show that 4 out of 5 online buyers prefer to do business with merchants displaying a trust mark like the VeriSign Secured TM Seal. 70% of online shoppers abandoned their online purchase due to insecurity at the time of payment. 90% of those shoppers would have completed their purchase had they recognized a secured seal like VeriSign. This is because VeriSign has stringent authentication standards and annual audits which assist in guaranteeing online identity assurance. Free technical support is offered, which also speaks well of the integrity of the company.
Another focus group that can help with operating a small business is the American Bar Association, the largest voluntary professional association in the world, with more than 400,000 members. Attorneys benefit by law school accreditation, continuing legal education, information about the law, as well as programs to assist both lawyers and judges in their ongoing work. The American Bar Association's mission statement encompasses being the national representative of the legal profession, serving the public and the profession by promoting justice, professional excellence and respect for the law, all the while striving to improve the legal system for the public.
Today more than 68% of home loans involve mortgage brokers. The voice of the mortgage broker industry is represented by The National Association of Mortgage Brokers which has more than 27,000 members. The NAMB has represented the interests of both the mortgage brokers and homebuyers since 1973. Homebuyers are reassured of their ethical standards, professionalism, integrity and confidentiality. The NAMB offers rigorous certification programs to ensure the members expertise and education. They offer a variety of benefits to help lower small business costs and increase productivity. In an effort to reach out to homebuyers, the Association supports a consumer education and fraud reporting program.
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