MCO Capital loan

geomacl

Good point Gomer - it's almost as if the police were doing MCOs work for them!!!

Prudence2_2

geomacl wrote: »

I wonder if we, as individuals, can request that CRAs remove our data from their computer systems - is this not what the Data protection Act was set up to do? That is, protect the public from the use of computer held data without their permission??:mad:

Unfortunately when you sign up for credit products you give the CRAs permission to hold your data (it's in the small print that nobody looks at). So they are legally entitled to hold it. It's what they DO with it that should be more tightly regulated.

geomacl

Prudence2 wrote: »

Unfortunately when you sign up for credit products you give the CRAs permission to hold your data (it's in the small print that nobody looks at). So they are legally entitled to hold it. It's what they DO with it that should be more tightly regulated.

I hear what you're saying Prudence but I don't see my link with CRAs - my direct debit or whatever is between myself and the third party - I have yet to see any reference to a CRA check?

grahamqat

Probably the thing to do is not to accept any credit from a company using CRA's. All CRA's seem to violate the Data Protection Act and are quite comfortable selling confidential information to criminal companies. It is quite possible CRA's contribute to ID theft- it only takes one bent employee and the whole database is in the Underworld. You should never impart any ID info to a CRA - I note that to get a free credit check from Experian they need your credit card? Why? Even they cant answer this and they monitor this site. You should be concerned if you've ever given them such information. Change your credit cards, your name, your address, your DNA (gene therapy can do this with the right vector). The way to protect your ID is not to give it to anyone else, least of all the people who pretend to protect it. Sorry, got slightly "conspiracy theory" there, but it keeps the thread lively!

Prudence2_2

geomacl wrote: »

I hear what you're saying Prudence but I don't see my link with CRAs - my direct debit or whatever is between myself and the third party - I have yet to see any reference to a CRA check?

Hi Geomac, yes I'm surprised that a direct debit would involve the CRAs. Perhaps the supplier will only allow you to have the product (gas, electricity or whatever) if there is evidence that you are a 'good payer'.

I think Graham is right -we all need new identities!

geomacl

Prudence2 wrote: »

I think Graham is right -we all need new identities!

I believe that you are right, Prudence - from now on I am to be known as Gertrude!!! :rotfl:

Prudence2_2

geomacl wrote: »

I believe that you are right, Prudence - from now on I am to be known as Gertrude!!! :rotfl:

Nice one, Gert. I am ditching Prudence2 in favour of Prudence3.

GomerPyle

One thing we can agree on is that MCO Capital have exposed that the system is a mockery.

If I walk down the street with wads of money hanging out of my pockets the police aren't going to take me very seriously if I complain that it gets stolen. Maybe the fact that there has only been one arrest so far indicates that the police feel the same way. After all, they wouldn't have much trouble locating all the fraudsters invoved from their bank details, and I doubt that 8,999 people all managed to get banks to accept fake ID's. If they did then our country is a criminal and terrorists playground.

I presume that their focus is on finding the core person responsible, Perhaps that person could have recruited people to use their accounts to launder money through on a percentage basis. I do investigate frauds in other areas and it's not uncommon for a fraudster to recruit innocent dupes who are unaware of how the money is obtained. Desperate times make people less likely to ask too may questions if the have the chance of easy money, but that would point to there being one recruiter and organiser - which is my favourite hypothesis.

grahamqat

Hi Gomer, with 9,000 separate ID fraudsters it's strange the Police have arrested only one. Also, the UK web-sites have been suspended whilst all the European ones continue operating. And why advertise you have a problem on your web-site; much better just to close it down. I would stand corrected but it looks increasingly like the UK situation for MCO is quite different to the European one. Your UK delegation theory Gomer could indeed be near the mark, or it might be that the real culprit was the designer of the UK web-site. He introduced many more outward links for info than the other sites. Superficially they look the same, constructionally they are quite different. Whoever designed the site had the chance to send ID fraud info (including bank account details), anywhere. He also had the chance to synthesize 9,000 non-existant loan applications. Perhaps the reason MCO dont remove the web-sites is that they can't; they are restricted to editing the home page only?

Conjecture I know, but if we do enough of it, sooner or later we'll come up with a model that explains it all.

GomerPyle

That's some very interesting 'outside the box' thinking grahamqa and not something I'd considered. I'm ashamed of myself.

Using the 'front' of a loan shark site to collect information for ID fraud would be devastating. The site itself has demonstrated how effective the possession of such simple information would be. If you can collect it willingly from victims :eek:

In trying to excuse blame by claiming to have been so easily duped MCO Capital have also raised the issue of requiring a much more strict scrutiny of those handling such sensitive information. They can't have it both ways and we've seen how lax they are when it comes to procedures.

The potential is alarming, to say the least. Houston - we have a problem.

No one can say what's happened and MCO Capital have acted in such a screwball manner I doubt even they know. This tends to suggest that they should never have received a CCA licence in the first place and that operators need to be overseen much more closely.

The use of 'dupes' is very common among 419 scams and there are thousands of fake jobs being advertised that are merely offers to act as money launderers. If they only convert 10& of what they obtain by fraud into cash in hand, it's all pure profit. If they convince the 'dupes. that it really is bona fide work the conversion rate will be much higher. On a fraud of £1.5 million that's big money.