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Ensuring a Fair and Secure
Financial Services
Marketplace
for all Californians
About the
Department of Business Oversight The Department provides protection to consumers and services to businesses engaged in financial transactions. The Department licenses and regulates a variety of financial services, products and
professionals:
Banks: Foreign and state-chartered banks Credit Unions California Finance Lenders California Residential Mortgage Lenders and Servicers Capital Access Companies Deferred Deposit Transaction Originators (commonly known as payday loans) Escrow Agents Franchises: Franchisors who offer and sell franchises in California Industrial Banks Investment Advisers Money Transmitters and Issuers of Payment Instruments and Travelers Checks Premium Finance Companies Securities Brokers and Dealers
www.dbo.ca.gov
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Future Licensure/Regulation 3
Student Loans July 1, 2018
Property Assessed Clean Energy Programs (PACE) January 1, 2019
www.dbo.ca.gov
The Department of Business
Oversight’s Consumer Services Office
The Department is dedicated to providing consumers with timely and effective assistance on any issue or complaint concerning a Department licensee.
Please feel free to share the Department call center’s contact information with your constituents.
The Department’s Consumer Services Office can help resolve disputes with Department licensees. Call the live-person call center, with multi-lingual capabilities, toll-free 1-866-275-2677 or visit www.dbo.ca.gov/consumers.
Specific services include:
Helping consumers verify the licensing status of a financial institution, service or professional.
Providing consumers with information on how to file a consumer complaint with institutions and/or individual licensed by the Department.
Assisting consumers with identifying and contacting the regulator of a federal financial institution.
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Education & Outreach 5
Maximize Statewide Outreach- Trainer Convenings
Partnerships
Elected Officials, Federal, State, Local Gov’t Entities, Non-Profit Organizations
DBO Programs
SAIF
PYFF- Military Edition
MEO
Seniors and Payday Loans 6
DBO’s 2016 Annual Report and Industry Survey shows senior citizens, those 62 and older, took out more deferred deposit loans – 23.4 percent of the 2016 total – than any other age group.
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Common Financial Fraud & Scams
o Identity Theft
o Affinity Fraud
o Commodities Fraud
o Mortgage Modification & Foreclosure Scams
o Romance Scams
o Illegal Internet Payday Lending
o Charity Scams
o Internet Scams
o Bait & Switch
o Annuity Abuse
o Lottery Letters
o Ponzi Schemes
o Telephone Scams
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Protect Yourself From Fraud 10
Affinity Fraud 11
Investment scams that prey upon members of identifiable groups, such as religious groups, ethnic communities, the elderly, or professional groups
Most common characteristics of Affinity Fraud
Unique and vague investment- Phantom investment
Secrecy – confidentiality agreements
Ponzi Schemes
Check BEFORE you Invest:
1) CALL the Department first!
Verify the vendor’s license
1 (866) 275-2677
2) Consider all your options.
3) Compare the product to others.
4) Consult with someone you trust.
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How Scammers Obtain Your Personal Information
Internet
Mailboxes
Data Breaches
Telephone
Friends & Family
Trashcans
Obituaries
Mailing lists
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Internet Safety 15
Limit Personal Information
Secure Network
2-Step Verification/Authorization
Change Passwords Regularly
Credit vs. Debit
Phishing Scams 16
Online Romance Scams 17
Dating websites, social media
Fake profiles (photos and information)
Gain your trust and affection
Elaborate story and ask for money, gifts or your bank account/credit card details.
Charity Scams 18
Be wary of solicitations from unfamiliar charities
Common Charity Scams
Religious
Police or Firefighters
Natural Disaster Relief Programs
Check and Verify
http://www.charitynavigator.org
https://oag.ca.gov/charities/charity-research-tool
Sweepstakes and Lottery Scams 19
Mail, Phone Call, Email, Text
International Lottery
Illegal: US citizens to play international lotteries
Illegal: Ask for $ up-front for a prize
“Instant Winner!”
The Grandparent Scam 20
You receive a phone call or email, from someone claiming to be your grandchild, asking you to send money in order to help them.
Accident, arrested, traveling in foreign country
Emergency, Play on your emotions
Always Verify!
Phone Safety 21
Never give personal information out over the phone.
Examples:
Medicare
Computer Company
IRS Treasury Inspector General for Tax Administration https://www.treasury.gov/tigta/contact_report_scam.shtm
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Report IRS Impersonators 22
Trust Your Instincts 23
Katie Carruesco
Education & Outreach Coordinator
www.dbo.ca.gov
1-866-275-2677
Email: [email protected]
Or order brochures: [email protected]
Follow us on Twitter and Facebook:
@CaliforniaDBO and @CalDBO
Read our blog: caflm.blogs.ca.gov
