Consumer Loan Fraud Law and Legal Definition
Consumer loan fraud refers to fraud that is committed during submission of an application related to consumer loans with fraudulent information. Consumers can protect themselves against fraud by such simple common-sense measures as not revealing personal information to strangers.
The major methods adopted by perpetrators of consumer loan fraud are remote loan applications over the internet and telephones, credit bust-out schemes, and fraud involving income tax refunds and refund anticipation loans.
