Loan fraud Quiz

1. What is one common method scammers use to commit credit card fraud?

A. Applying for a mortgage in your name B. Using skimmers to clone cards C. Offering advance-fee loans

2. What is a key characteristic of advance-fee loan scams?

A. They involve applying for a car loan B. They require an upfront processing fee C. They involve falsifying property ownership

3. How can scammers commit home loan (mortgage) fraud?

A. By using stolen information to apply for student loans B. By creating fraudulent payday loan websites C. By falsifying property ownership and selling homes

4. What should you do if you suspect you've been scammed in a debt consolidation scheme?

A. Stop contacting your creditors immediately B. Submit a report to the FTC on IdentityTheft.gov C. Apply for more loans to cover the loss

5. What is a common type of student loan fraud?

A. Charging fees for loan modification or consolidation B. Applying for a business loan in your name C. Using skimmers to clone student ID cards