Financial Fraud Protection Providence RI

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Mia A. Caetano
(401) 455-0700
State Licensing

Colin O. Sherer
(401) 276-6593
2800 Financial Plaza
Providence, RI
State Licensing

Kyle F. Correia
(401) 458-5000
One Dorrance Plaza
Providence, RI
State Licensing

Kelly I. McGee
(401) 454-0400
10 Weybosset Street, Suite 602
Providence, RI
State Licensing

Genevieve M Martin
(401) 274-4400
150 South Main Street
Providence, RI
State Licensing

Kristin Barkett Pettey
(401) 521-7000
10 Weybosset Street
Providence, RI
State Licensing

George J. West
(401) 861-9042
One Turks Head Place, Suite 312
Providence, RI
State Licensing

Thomas W Heald
(401) 421-1500
One Turks Head Place Suite 600, 76 Westminster Street
Providence, RI
State Licensing

Thomas Joseph Moylan
(401) 453-0550
50 Exchange Ter Ste 320
Providence, RI
Suffolk University Law School
State Licensing

Glen R Whitehead
86 Weybosset Street, Suite 400
Providence, RI
State Licensing

Protect Yourself from Financial Fraud

Provided By: 

Tips for the Self-Employed

By Christopher J. Bachler

The first rule for home businesses and boxers is the same: “Always keep your guard up.” That’s because fraud in the business world today is more common than ever before. Advanced technology, the “shrinking world,” and the ongoing growth of a “virtual economy” are all partly to blame. Identities are easy to steal, and fortunes may be made or lost with a few keystrokes. Scammers can strike with impunity from any part of the globe, even from countries that have no extradition treaties with the United States.

Along with identity theft and online fraud, honest businesspeople need to watch for investment fraud, telephone fraud, and even work-at-home scams. That’s why small businesspeople need to be aware of these growing perils, familiar with the most common schemes, and know how to protect themselves.

Business Associates

Hearing so much about “cyber attacks” and identity theft, it’s hard to imagine that any peril could be greater. But for the typical small businessperson, there is actually a greater chance of being taken by those we know than by those we don’t.


If you’re stung by a customer, it will most likely be through some form of payment fraud. If they simply won’t pay, you can take them to court. But suppose the fraud is bigger and more complex? Suppose you receive a bad check, for instance. Check fraud is actually on the rise, due mainly to the capability of today’s computers and printers to produce authentic-looking checks. Identity thieves might even be using bogus bank accounts.
Before accepting checks, watch for checks with:

· Serial numbers lower than 200.

· Poor print quality

· A lack of bank information or clear account numbers

· No perforated edges (other than government checks)


· Signatures that are hard to read or don’t fit properly in the space provided
If you accept payment cards, watch for cards that are:

· Newly issued
· Don’t match the person’s identification
· Appear to be retouched
· Have unclear numbers or print
· Appear to be strange or unconnected to easily-identifiable financial organizations

Also beware of buyers who use cards with which they don’t seem to be familiar, or who pull the card from a pocket instead of a wallet. Another scam is known as “bust out fraud.” These individuals start out paying their bills on time. Once they gain the seller’s confidence, they will gradually increase their purchases until they make a large purchase, and then fail to pay. They might simply disappear, or file for bankruptcy.
To avoid this trap:

· Be careful about extending credit to new customers.

· Check out a customer’s credit history before granting credit.

· Watch for customers who incrementally buy more on credit.

· Establish firm credit limits.

· Avoid buyers who don’t provide home or business addresses.

Always seek payment as soon as possible following service, and before you do more w...

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