California Department of Corporations Alerts Holiday Shoppers To Online Escrow Fraud.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Department of Corporations will alert Californians at a news conference on December December: see month. 9, 2004, how they can protect themselves from online escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. fraud when making online purchases during the holiday season. Online escrow services are often used for expensive online purchases such as computers, electronics, jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. and cars. To combat the growing problem of online escrow fraud and to increase awareness and adequately educate Californians with needed information, the Department of Corporations will announce the formation of the Escrow Fraud Task Force. Since May 2004, the Department has issued Desist and Refrain Orders to over 25 Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the escrow providers to shut down fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. escrow sites. The Escrow Fraud Task Force will facilitate coordination of information, fraud prevention programs, and enforcement actions between regulators, law enforcement, industry groups, and businesses. Online auction sites, such as eBay, and marketplaces that advertise classifieds are vulnerable to scam (SCSI Configured AutoMatically) A subset of Plug and Play that allows SCSI IDs to be changed by software rather than by flipping switches or changing jumpers. Both the SCSI host adapter and peripheral must support SCAM. See SCSI. artists who commit online escrow fraud. Online escrow services have become extremely popular in the Internet auction world. Online payment services allow buyers to use a credit card or electronic bank transfer to pay sellers who may not be equipped to accept these kinds of transactions. Online escrow services accept and hold a buyer's payment until the merchandise is received and approved; then, they forward the payment to the seller.
PARTICIPANTS: William P. Wood
California Corporations Commissioner
California Department of Corporations
Tom Syta
Assistant Regional Director
Federal Trade Commission (FTC)
Frank Harrill
Supervisory Special Agent
Federal Bureau of Investigation (FBI)
Cyber Squad 1
Sgt. Tony Lucia
Los Angeles County Sheriff's Department
Southern California High Tech Task Force
Carol Hile
President
Escrow Institute of California
WHAT: News conference to increase public awareness and
educate Californians of online escrow fraud in view
of holiday shoppers making online purchases, as well
as announce the formation of the Escrow Fraud Task
Force.
WHERE: California Department of Corporations
320 West 4th Street, 7th Floor Conference Room
(between N. Broadway & Hill St.)
Los Angeles, CA 90013
(Parking is available at Athena Parking at corner of
4th Street & Hill Street)
WHEN: Thursday, December 9, 2004 at 11:00AM
VISUALS: Commissioner William P. Wood providing demonstration
of phony online escrow site on computer and display
of poster with graphics showing sequence of events
when online buyer or seller is scammed.
CONTACT: Susie Wong at 916-324-9011 or 916-204-4100 (cell)
The Department of Corporations (DOC See doc file and docs. 1. Doc - Directed Oc 2. doc - /dok/ Common spoken and written shorthand for "documentation". Often used in the plural "docs" and in the construction "doc file" (i.e. documentation available on-line). ) is California's Investment and Financing Authority. The DOC is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the DOC's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677). |
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