The Federal Communications Commission (FCC) has issued a warning about a sophisticated mortgage lending scam targeting homeowners across the United States. This scam, dubbed "Green Mirage," involves fraudsters posing as legitimate mortgage lenders to defraud unsuspecting homeowners out of substantial sums of money.
How the Scam Works
The scammers employ several tactics to appear legitimate:
- They call homeowners who have previously sought mortgage relief, making the contact seem expected
- They possess detailed information about the homeowner, including name, address, and current or former mortgage lender
- They spoof the caller ID to match the homeowner's actual lending institution
Once contact is established, the fraudsters typically threaten foreclosure and then offer relief, but with a catch. They direct victims to send payments through unconventional methods, such as:
- Mailing money orders to third-party "attorneys" or representatives
- Uploading funds to a Walmart Green Dot Money Card account
Scope and Impact
The Green Mirage scam has already caused significant damage:
- Over 400 mortgage institutions have been impersonated
- Hundreds of thousands of dollars have been lost by deceived homeowners
- Many victims only discover the fraud when their actual lender initiates foreclosure proceedings
Recognizing the Scam
The FCC advises that you're likely dealing with a scammer if:
- You feel pressured to provide money or information quickly
- You're asked to make payments through unusual methods or channels
- You're offered a deal that seems too good to be true
FCC's Response
The FCC is taking action to combat this scam:
- Issuing consumer alerts to raise awareness
- Warning voice service providers to stop carrying these fraudulent calls.
Peter Hyun, the FCC's acting enforcement bureau chief, emphasized that these scammers use "sophisticated social engineering techniques to take advantage of vulnerable homeowners experiencing financial hardship"In conclusion, homeowners should remain vigilant and skeptical of unsolicited calls regarding their mortgages. If in doubt, contact your mortgage lender directly using a verified phone number. Remember, legitimate lenders will never pressure you for immediate payment or ask for funds through unusual channels.