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Understanding the Consequences of Making Fake Pay Stubs

For the past few years, typical corporate finance department has started seeing new issues among consumers and it is the practice of making 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.

When seeking credit it is the pay stubs that serve as the most basic document. These documents are crucial when applying for a subprime auto loan or car loan. With the pay stub, it shows that the applicant is currently employed and can be trusted. According to surveys and statistics, around 80 percent of fraud incomes that are reported in lending applications are misinterpretation in original form. So through fake pay stubs, customers can still be qualified to apply for a loan even if they have no financial income or has low income.

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 it isn’t a new concept to make fake pay stubs, consumers nowadays use online sources to create faux stubs through services of specific websites that are creating bogus references and verifications. These websites are simple to use and need basic information to create forged stubs in just few minutes.

There are countless of video sites that you can find online today that teach interested people on how they could make their own counterfeited stubs and pass loan authorities. There are audacious customers who dare making stubs of their own which is considered to be bank fraud and may just damage the relationship of the middleman or car dealership with their lenders and several 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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