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.
