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How To Stop Fraud

How To Stop Fraud

Identity theft is a serious problem throughout the world. Banks and other businesses need to take active steps to stop it from occurring. When appropriate measures are taken, identity thieves can be stopped in their tracks. It is especially important to verify the identity of clients seeking loans, high value purchases, and access to bank accounts. Luckily, there are services available to assist you in stopping identity theft and other forms of fraud.

One way for banks, brokers, lawyers, and lenders to verify the identity of a client is by checking IRS forms. Unfortunately, this isn’t always a quick process, due to the bureaucratic maze of the IRS. In most cases, it can take anywhere between 1-2 months! Luckily, there is a way to have faster access to IRS forms and verify the identity of a client. One company, called 4506-Transcripts, provides many companies with rapid access to IRS forms at a reasonable price.

In addition to stopping identity thieves, verifying the IRS information of a client can ensure that they are providing honest information about their income. This is particularly important for lenders. If a client lies about their income and it is not discovered by the lender, they can end up with a loan they don’t qualify for.

Unfortunately, some identity thieves have false information that can be quite deceptive. In many cases, they will present with a stolen security number. While this type of fraud often goes undetected by businesses, it is possible to determine if the social security number a client provides you is genuine. Many organizations are requiring an increased level of scrutiny to ensure that social security numbers provided are real. In order to verify a social security number through the social security administration, you have to use an SSA-89 form. 4506-Transcripts also can assist you with this, and they offer a convenient online social security number verification service.