What is the fastest-growing area of fraud we’re observing? If you’ve been following our channel, you’re familiar with Ponzi schemes, corporate fraud, and embezzlement. However, a new type has surged in the past 12 to 18 months, warranting attention.
Exploring Divorce Fraud
Divorce proceedings have become a hotbed for fraudulent activities. In acrimonious splits, both parties aim to secure a larger share of assets, often resorting to concealing or diverting funds. This deceitful practice, common to both sides, demands thorough asset searches to ensure fair settlements.
Deception Tactics in Divorce Cases
From clandestine bank accounts to transferring assets to friends or relatives, individuals prepare for divorces by stashing funds discreetly. Some even manipulate tax overpayments, intending to retrieve surplus funds post-divorce. Uncovering these tactics requires scrutiny of tax transcripts and unconventional assets like cryptocurrencies or casino chips.
Unveiling Probate Fraud
In the event of a family member’s death, probate fraud surfaces. Relatives maneuver to conceal assets through various means, from forging checks to transferring properties, ultimately robbing rightful heirs. Vigilance and asset tracking are crucial to ensuring assets reach their rightful beneficiaries.
Synthetic Identity: Exploiting Newborns
The birth of a baby opens avenues for synthetic identity fraud. Scammers, including family members, exploit a newborn’s clean record to establish fraudulent credit accounts. Protecting a newborn’s identity by freezing their credit and monitoring them for unauthorized activity becomes paramount.
Safeguarding Against Future Frauds
Securing a newborn’s Social Security number and initiating credit freezes are vital precautions. Monitoring credit reports periodically guards against potential damage to their financial identity. Staying vigilant prevents long-term consequences for the child’s creditworthiness.
Stay informed and engaged.
Stay tuned to our channel for more insights into fraud. Check out our other channels for detailed discussions and live events. Your comments on fraud investigations, cyber attacks, or Ponzi schemes are invaluable—keep us updated on what you’re witnessing!
