Unfortunately for upstanding debt-collection companies, the historic behavior of some actors in the industry created a stereotypical -- and largely untrue today -- picture of debt collectors engaging in illegal or unethical tactics. To put this to rest, today's debt-collection professionals must carefully adhere to consumer protection and related laws that regulate collection practices, such as the FDCPA, which we discussed in Part 1 of this post.
At our law firm, we represent creditors and debt collectors throughout the life cycle of collecting on a debt. The practice of debt collection is far more than just securing money owed, which is of course the primary goal and the main component of business success.
There has been an explosion in the criminal targeting of real estate closings through the use of hacked email accounts to send fraudulent instructions to transfer large amounts of money intended to purchase real estate into the criminals' accounts, rather than into the legitimate accounts intended by the parties. The imposters impersonate people involved in the closing transaction via email to gain trust and orchestrate the fraudulent transfer.