New Scam Emerging – Portfolio Scam

There is a new scam on the horizon. A new scam that is fast becoming a threat to the average Joe. A new scam that targets the vulnerable anew. The scam's name is Portfolio recovery scam. The modus operandi: Scammers target anyone with an outstanding bank or credit loan or anyone who may have a past due credit to a financial institution.

Scammers would spam calls to anyone who have an outstanding loan from a bank or any financial institution that provides credit. They would pose as a third-party debt collector agency and try to get you to pay your loan except, for the scam’s sake, payment would be made to the scammer’s account. Scammers would have a list of outstanding loans from the bank to know who to call or they would just spam calling numbers until they land upon someone who indeed has an unpaid loan.

This portfolio scam often uses social engineering specifically made for this type of scam to try to scare you into paying. Scammers often use the threat of litigation to try to prod you into paying, saying usually that they have no choice but to proceed with filing a case to the court if no payment will be made soon. They would often cite examples of cases they made against an unwilling borrower or list possible criminal liabilities and its accorded punishment if the case ever proceeds to the courts.

Once they sense they already got you, these scammers would then put fear and pressure into paying and incentivizes payment if ever one was going to be made. They will incentivize paying right away and would make it seem like a sweeter deal than choosing to pay some other time by saying that a certain percentage of your loan would be foregone. And once you’ve paid it will be too late as these scammers would often use multiple techniques to mask their real numbers and getting your money back would be impossible. They often relay their calls to numerous fake IDs and fake numbers so that a victim would never be able to call them even if the victim seemingly has their number.

Scammers preferably target people with an existing loan to banks or credit providers. Although not for certain, these scammers may have illegally gotten hold of legitimate lists from banks and would start calling or they would just spam calls hoping someone fitting their criteria would answer the phone.

The authorities and banks and financial institutions would often try to spread news and updates about portfolio scams. Have a look here www.bustathief.com to know more:- Making the public aware that such a scam exists and telling the public who the possible targets have eliminated some percentage of chance for these scammers making contact with their potential targets. By keeping the public informed authorities are hoping that this would lessen the number of potential victims these scammers might target.