KANSAS CITY, Mo., Nov. 18, 2014 /PRNewswire/ -- Mark Curry, a leading voice for reform of the online financial services industry, today launched a new initiative that offers $25,000 rewards for information leading to the prosecution of fraudsters involved in online lending scams.
Curry launched the program on the website ReformOnlineLending.org offering current and former industry employees a safe space to report schemes such as advance fee loan scams, phantom debt collection scams, payday loan debt collection scams and unauthorized loan scams, plus a $25,000 reward for information that leads to a successful prosecution. Curry is also sharing information about the program with federal regulators including the Federal Trade Commission and the Consumer Financial Protection Bureau.
"The fight against fraud must start with the assistance of legal and licensed businesses that are fed up with fraudsters and criminals who prey on consumers and destroy the reputation of an industry that provides a critical product for consumers," said Curry, a pioneer of the online financial services industry and founder of ReformOnlineLending.org. "That's why I am offering a $25,000 reward for any tips that lead to the prosecution of one of these fraudsters, scammers and predators."
Curry has spent years advocating for change in the online financial services industry, leading the charge in establishing best practices and championing improvements that have resulted in a safer, more secure borrowing experience for consumers.
"Consumers are the lifeblood of our industry," Curry said. "They look to us for solutions during times of personal financial crisis. Regulatory inaction and increasing consumer fraud have prompted me to confront this problem directly. There is an immediate need to weed out those criminals who prey upon our industry and our customers."
Curry said many in the online lending industry agree with calls for a sensible regulatory response to illegal practices that are unfortunately associated with the online financial services industry. But he added that every legal and licensed online lender has a responsibility to take action now, on their own, to root out fraud in the industry.
To qualify for a reward under the ReformOnlineLending.org program, one must be a current or former industry employee and submit information to ReformOnlineLending.org on unlawful business practices - advance fee loan scams, phantom debt collection scams, payday loan debt collection scams or unauthorized loan scams. Any report that leads to the successful prosecution of a fraudster under the rules of the program will receive the reward or an equal split if multiple tips lead to the successful prosecution of a scammer. Full rules are available at ReformOnlineLending.org.
Curry said consumers who believe they are victims of fraud should report any suspicious or criminal activity to the Online Lender's Alliance fraud website at http://www.onlinelendersalliance.org/?page=hotline.
Mark Curry is a leading voice for reform of the online financial services industry. He is the founder of ReformOnlineLending.org and CEO of SOL Partners, LLC which provides technical and strategic management and consulting services to Internet-based financial services companies.
Phone: (314) 266-9283 or (314) 562-0220