How scammers use the Consortium System in their frauds
Posted: Sun Feb 02, 2025 4:42 am
Financial scams are traps that can severely compromise dreams and aspirations. They not only divert precious resources, but also undermine your confidence and financial security – and cause a huge headache! We invite you to learn about the most common scams in the Consortium System and protect your dreams.
False consortium
To manage consortium groups, the company must have authorization from the Central Bank of Brazil (BCB). The BCB is the agency responsible for the standardization, coordination, supervision, inspection and control of the activities of the Consortium System, in accordance with Law 11.795/2008.
Therefore, if it does not have authorization from the BCB, the company is not a consortium administrator and is not a consortium. Even if you purchase the consortium through a commercial correspondent, the name that must appear in the consortium group participation contract is that of the consortium administrator.
To protect yourself, simply check whether the company is authorized on the BCB website. Furthermore, if the company is a member of ABAC, it is authorized. Click here to check the list of associated companies.
Date of guaranteed contemplation
One of the characteristics of a consortium is that it gives uk whatsapp list members access to credit through contemplation, a draw or a bid. In none of these options is it possible to guarantee when this will happen. This is because it is not possible to know which number will be drawn or what bid values will be offered by participants at that meeting.
In this case, read the contract carefully, check the rules for the draw and bidding, and make sure that everything you and the seller agreed upon at the time of the sale is included in the document. Be aware that the award may occur from the beginning to the end of the group. In addition, do not omit information from the administrator when asked about guidance provided by the seller.
False quota contemplated scams
A contemplated share is a share whose credit is available for use by the consortium member, as it has already been contemplated, at the Ordinary General Meeting (AGO), by drawing or bidding. When selling his contemplated consortium share, with the consent of the administrator, the consortium member transfers the ownership of his contract and, consequently, the right to use the credit to another person.
When negotiating the contemplated share, the seller – who may be the consortium member himself or someone authorized by him – may request payment of amounts already paid to the administrator and even an additional amount for the sale. He may also offer the letter of credit for an amount lower than what has already been paid by him. There are no restrictions on negotiations of this nature, since the owner of the share may use the consortium as he sees fit, as long as he complies with the contractual rules, and it is up to the interested party to evaluate the conditions offered.
It is precisely when these amounts are advanced that the scam occurs, as fraudsters attract consumers by offering goods at tempting prices, and convince them to make payments without having the consortium share.
To safely purchase a contemplated share, it is essential to confirm its legitimacy, which should be done directly with the consortium administrator, through its official channels. In addition, be wary of prices that are much lower than those practiced on the market and of direct sales of the vehicle without the intermediation of a consortium administrator. The participation of the administrator is essential and mandatory.
ABAC consortium quotas
ABAC is a non-profit organization whose mission is to represent, develop and strengthen its associated administrators and the Consortium System. Therefore, ABAC does not manage consortium groups. The consortiums are managed by the associated companies. Be wary if you receive an offer for a consortium share from ABAC.
Bill scams
The boleto stands out as the fourth most used option by Brazilians when making payments. This option is used by 54% of consumers, according to a survey carried out by Opinion Box in 2023. However, frauds in this form of payment have gained great prominence. In practice, the fraudster replaces the real boleto with a fake one that will guarantee them some advantage.
The boleto scam, in addition to compromising finances, can have serious consequences for the consortium member, such as cancellation of the contemplation for the bid and exclusion from the draws, due to non-payment of the genuine boleto.
Currently, all bills issued by banks are registered according to the convention. This means that the details of the beneficiaries of the bills are always displayed when paying, and that they can be paid at any bank. Therefore, when paying the bill, check whether the name of the beneficiary of the payment is an individual or the contracted company, and whether the recipient bank is the same as that stated on the bill. If any information is different, it is best not to make the payment.
False consortium
To manage consortium groups, the company must have authorization from the Central Bank of Brazil (BCB). The BCB is the agency responsible for the standardization, coordination, supervision, inspection and control of the activities of the Consortium System, in accordance with Law 11.795/2008.
Therefore, if it does not have authorization from the BCB, the company is not a consortium administrator and is not a consortium. Even if you purchase the consortium through a commercial correspondent, the name that must appear in the consortium group participation contract is that of the consortium administrator.
To protect yourself, simply check whether the company is authorized on the BCB website. Furthermore, if the company is a member of ABAC, it is authorized. Click here to check the list of associated companies.
Date of guaranteed contemplation
One of the characteristics of a consortium is that it gives uk whatsapp list members access to credit through contemplation, a draw or a bid. In none of these options is it possible to guarantee when this will happen. This is because it is not possible to know which number will be drawn or what bid values will be offered by participants at that meeting.
In this case, read the contract carefully, check the rules for the draw and bidding, and make sure that everything you and the seller agreed upon at the time of the sale is included in the document. Be aware that the award may occur from the beginning to the end of the group. In addition, do not omit information from the administrator when asked about guidance provided by the seller.
False quota contemplated scams
A contemplated share is a share whose credit is available for use by the consortium member, as it has already been contemplated, at the Ordinary General Meeting (AGO), by drawing or bidding. When selling his contemplated consortium share, with the consent of the administrator, the consortium member transfers the ownership of his contract and, consequently, the right to use the credit to another person.
When negotiating the contemplated share, the seller – who may be the consortium member himself or someone authorized by him – may request payment of amounts already paid to the administrator and even an additional amount for the sale. He may also offer the letter of credit for an amount lower than what has already been paid by him. There are no restrictions on negotiations of this nature, since the owner of the share may use the consortium as he sees fit, as long as he complies with the contractual rules, and it is up to the interested party to evaluate the conditions offered.
It is precisely when these amounts are advanced that the scam occurs, as fraudsters attract consumers by offering goods at tempting prices, and convince them to make payments without having the consortium share.
To safely purchase a contemplated share, it is essential to confirm its legitimacy, which should be done directly with the consortium administrator, through its official channels. In addition, be wary of prices that are much lower than those practiced on the market and of direct sales of the vehicle without the intermediation of a consortium administrator. The participation of the administrator is essential and mandatory.
ABAC consortium quotas
ABAC is a non-profit organization whose mission is to represent, develop and strengthen its associated administrators and the Consortium System. Therefore, ABAC does not manage consortium groups. The consortiums are managed by the associated companies. Be wary if you receive an offer for a consortium share from ABAC.
Bill scams
The boleto stands out as the fourth most used option by Brazilians when making payments. This option is used by 54% of consumers, according to a survey carried out by Opinion Box in 2023. However, frauds in this form of payment have gained great prominence. In practice, the fraudster replaces the real boleto with a fake one that will guarantee them some advantage.
The boleto scam, in addition to compromising finances, can have serious consequences for the consortium member, such as cancellation of the contemplation for the bid and exclusion from the draws, due to non-payment of the genuine boleto.
Currently, all bills issued by banks are registered according to the convention. This means that the details of the beneficiaries of the bills are always displayed when paying, and that they can be paid at any bank. Therefore, when paying the bill, check whether the name of the beneficiary of the payment is an individual or the contracted company, and whether the recipient bank is the same as that stated on the bill. If any information is different, it is best not to make the payment.