Browsing all articles tagged with fake pay stubs illegal
Dec
19

Fake Pay Stub Is Illegal

Making Fake  Pay Stubs Illegal

The use of fake stubs is on the rise in the present world and poses a challenge to lenders. Technological advancements and programs have played a big role in the circulation of fake pay stubs around the world. Producing, selling or even buying such kind of documents is not illegal. Illegality comes in the manner the document is used. As much as they look authentic, it is wise if businesses and money lenders found a way to escape been fraud victims. Using fake pay stubs can land offenders a jail term of 30 years. Also, heavy fines can be imposed on them and jeopardize businesses that accept the fake pay stubs. Dealing with fake stubs can put the relationships between banks and lenders under siege. A finance department cannot prosper without the help of a bank. Business should be wary and know how to spot a fake paystub.

Pay stub is an important document required when one thinks of a car loan. A pay stub proves the applicant as an employed personnel and the income they get. Unfortunately, people who do not meet the criteria for a car loan end up producing fake pay stub. You shouldn’t be surprised. Web sites all over allow users to print fake paystub for car loans. Videos posted in YouTube also teach the mass on how to produce authentic documents. Sometimes the banks and or lenders might approve applicants on the spot but later reject them after finding out their real income.

Homeowners who might be facing possible repossession are vulnerable to the fake paystub scam. What they don’t think about is the amount o f money they will use and consequences such as a possible arrest. Ads posted online lie to Consumers of income history as been legal but in the real sense they are committing a felony. Due to pressure in the quest to get a needed loan, the applicant is given the following false privileges:

  • Applicants are given special Misrepresented education grades or levels and other incentives to raise chances of getting a car or an apartment loan. This serves as a major risk to lenders if they fail to notice.
  • Applicants fake companies they work in to get unsuitable loans without qualifications. . Also, the income is put on the high side as it indicates maximum chances of paying back on time.
  • Dealers of fake paystub indicate longer employments periods than it is to meet the set-out criteria. Lenders are left at a risk of falling into traps that seems genuine putting their clients in places they don’t qualify.
  • Applicants, employers or other employees’ dealership raise the income reports of the applicants so as to gain better terms and qualify for the intended loan.

To ensure success and curb cases of fraudulent pay stubs, lenders should get employment verification and income from a credible third party. Adopting such measures will give lenders an overview of their r potential client’s situation and avoid fraud cases.

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