WASHINGTON, Jan. 22, 2015 /PRNewswire/ -- Reform Online Lending, a program designed by online financial services entrepreneur and industry leader Mark Curry to stamp out fraud in the consumer financial services industry, has announced it has shared information on an alleged fraudulent debt collection scam with the Consumer Financial Protection Bureau, the Federal Trade Commission and local law enforcement.
The tip came from an industry employee with detailed knowledge of the allegedly fraudulent operation.
"This employee should be commended for their bravery and integrity. We need more people who are willing to speak up when they see these scammers taking advantage of America's consumers," said Mark Curry, Founder of Reform Online Lending. "We have shared the information in a detailed report to local and federal law enforcement including the FTC and CFPB. I am hopeful they will investigate this report and, if applicable, prosecute the perpetrators to the fullest extent of the law."
The online lending industry has rallied around Reform Online Lending as a way of improving the integrity of the industry and removing scammers from the industry.
"I am pleased with the strong show of support my colleagues in the online financial services industry have shown since the launch of ReformOnlineLending.org. It is the responsibility of every lender, service provider and industry stakeholder to ensure our consumers are protected from the few who seek to take advantage of them."
Simply by logging on to ReformOnlineLending.org, industry insiders can submit tips about advance fee loan scams, phantom debt collection scams, payday loan debt collection scams, and unauthorized loan scams. Submissions are reviewed and turned over to appropriate authorities, and if submissions lead to a successful prosecution, tipsters may be eligible for a reward of up to $25,000. For more information, please visit www.ReformOnlineLending.org.
ReformOnlineLending.org is a program of entrepreneur and industry leader Mark Curry to identify and bring justice to scammers who take advantage of consumers of the online financial services industry. The program is designed to educate American consumers on the scams that are perpetrated in the online lending industry, and to work with government authorities to prosecute scammers who seek to take advantage of the industry's millions of consumers.
Reform Online Lending
SOURCE Reform Online Lending