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Understanding the Consequences of Making Fake Pay Stubs

For the past several years, a typical corporate finance department begin to see issues among consumers and it’s the practice of making and using fake pay stubs. This has actually taken a toll on loan brokers, accountants as well as small business owners and the problem is linked for deteriorating relationships with bank and even lenders which lead to legal actions and fines.

Pay stubs are basic documents needed when you seek credit. These documents are crucial when applying for a subprime auto loan or car loan. Pay stub serves as proof that the applicant could be trusted with the loan and employed. According to surveys and statistics, around 80 percent of fraud incomes that are reported in lending applications are misinterpretation in original form. With this in mind, customers who don’t have financial source or income or perhaps, with a low income can still qualify for a loan through fake pay stubs.

Some other reasons why applicants might get into troubles could be that they have not been able to secure their job for long, they have a job that is paying them in cash or tips or, they just simply don’t have a job at all. While making fake pay stubs aren’t actually a new concept, consumers these days are using online sources in creating faux stubs through the services of specific websites that create bogus references and verifications. As a matter of fact, using these websites are such a no brainer and need only your basic information to create forged stubs.

There are many video sites that have surfaced teaching people with little interests on how to make counterfeited stubs and get a pass from loan authorities. There are audacious customers who even dare to make stubs of their own, which is deemed to be bank fraud and could damage the middlemen or car dealership’s relationship with their lenders and other banks.

Income fraud is both the hardest and easiest to perform to be identified by the lender but before doing so, you should learn that creating fake pay stub is illegal and something that should be off limits. This may lead in felony and/or misdemeanor and can also cost guilty offenders to pay hefty fines and be incarcerated; not to mention it can put your business at risks if you have knowingly accepted phony pay stubs.

Well, the best way you can avoid these fake pay stubs is to be more conscious of the math behind pay stubs. You know that you are holding fake pay stub if the numbers don’t line up.

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