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NCJ Number: 73309 Find in a Library
Title: Credit Frauds
Journal: Revue de science criminelle et de droit penal compare  Issue:4  Dated:(October-December 1979)  Pages:923-932
Author(s): J P Marchi
Date Published: 1979
Page Count: 10
Format: Article
Language: French
Country: France
Annotation: Credit frauds in France are discussed with regard to government credit regulations, the borrower, and the lender.
Abstract: According to French law, the Commission on Bank Control periodically monitors financial institutions to ensure that credit ceilings and limitations are observed. Banks have been known to falsify accounting documents at the time of inspection by fraudulently reducing the figures indicating the amount of credit granted their clients. To decrease consumer spending, the government has imposed limits on the amount and duration of credits that banks and private sales organizations may grant. Professional defrauders have found ways of circumventing these restrictions by (1) 'renting' or leasing the product until the full sales price has accrued, (2) supplying the product on a trial basis until it has been paid for, (3) financing part of the sale by letter of credit, and (4) granting a personal loan. Legislative protection for consumers includes usury and truth in lending regulations. The most frequently used strategies to defraud the lender are credit card fraud (use of another person's credit card, exceeding the credit limit, etc.); abuse of banking cards and automatic tellers by authorized and unauthorized persons; falsification of credit records; and real estate credit fraud. The article emphasizes the need for statistical studies to determine the amount of money involved in credit fraud in France each year, as well as for national and international cooperation to curb abuse. No bibliographical footnotes are included.
Index Term(s): Computer related crime; Consumer protection laws; Credit card fraud; Credit fraud; Financial institutions; France; Loan sharking
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