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Topic Title: Equipment Leasing Rare Scams Unveiled
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Created On: 04 March 2015 02:48 AM
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 04 March 2015 02:48 AM
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Axis Capital Funding Group took note of some of the scams that you should be aware of when you apply for equipment leasing. If you think it may be impossible for big companies to pull these schemes off, think again. You may be surprised at their mastery on these things. Great scammers stay behind the shadows of legitimate businesses. Fortunately, fraud is a very rare case in the industry.

Will Teft, an expert in this field, points out two types of fraud used by major equipment financial companies.

Serial Number Fraud is one of the main schemes. This involves receipts and subsequent financial of functional set of serial number for the purpose of financing the same physical item equipment with multiple lessors. This is often used using fabricated set of serial number tags. This kind of fraud is detected by documenting the serial number to the result of physical inspection.

Another kind of scams that Teft had pointed out is the misinterpretation of prices which is more subtle and more difficult to detect. In this situation, the equipment do exists with legitimate serial number. However, in this field, the purchased price of the valuable does not reflect a true market-value of the equipment. This is usually done to an inexperienced lessor without prior knowledge about the equipment to be leased.

Rob Misheloff of Smarter Finance USA also compiled 5 Equipment Leasing Scams and Problems.

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