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Thursday, February 26, 2009

Exposing Banking and Insurance Fraud

Due to global crisis today, some bank owners and businessmen are making deceptive strategies to close their banks and getting away with your money. They are using the global crisis issue to get away with your deposits and let the insurance company pays you. (Of course, below from your deposits' exact amount).

Recently, the U.S. Securities and Exchange Commission has just filed an $8 billion fraud against the Texas billionaire, Allen Stanford, in line with his three firms. This is not conclusion that he is manipulating bank fraud (Until the US. SEC investigation ends.), in his banking business, but comparatively, this is the most common strategy of many banks today around the world.
In the Philippines, several educational insurance company and prepaid insurance and banks have just announced that they are on the breach of bankruptcy. Central bank of the Philippines has also filed charges on the executive of the Legacy Financial Group on its alleged financial fraud activities as it announced bankruptcy early this year.

Warning signs of Financial -Mutual firms or fraudulent bank-related investment schemes are:

*Ambiguous Bank/Company profile: Not listed in SEC or No License to Operate (recognized by the government).
*Lack of Documents in making deposits and other papers in making transactions
*Employees don’t know the entire policy of the company or.
*Excessive ROI(Return of Investment): Offers a very high deposit interest (a so good to be true interest rates).
*Secretive Approach: some depositors/investors are even asked to sign nondisclosure agreements.

Do you trust your bank?
How safe are your deposits?
Be vigilant. Check out your accounts and make queries to your banks, now.

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