Scammers target home equity loan borrowers

Published On: Sep 24 2013 07:48:10 PM HST

Honolulu Police are warning of a scam targeting homeowners with home equity loans or HELOCs.

In the past week, Honolulu Police have received a dozen reports of HELOC accounts being taken over. Police say reports claim tens of thousands of dollars being transferred to accounts out of state and even out of country.

Some of the transactions were done online and others by phone, but police don't know how the thieves are getting the victims' private information.

"Monitor your account. Don't let it get by. Don't think it monitors itself. Don't rely on someone else to monitor your account," said Lt. John McCarthy, HPD financial crimes detail. "The sooner you catch it the better.

Police have recovered some of the money, but made no arrests.


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