John thought he found a pot of gold when he discovered a website offering “pre-funded CPNs” with up to $180,000 in ready made credit.
For just $1,225, the offer promised an already approved mega loan for $180,000. Once he paid they would give him the login information to the bank, along with documents so he could access the funds.
What John didn’t realize was that he was stepping into a dangerous world of identity theft that could easily land him in prison for up to 30 years.
These New Pre-Funded CPN’s Extend On The Pre-Made CPN Scheme
It was exactly one year ago, that I wrote about a new CPN scheme called “Premade CPN’s”. Premade CPN’s are fake credit profiles that are purported to be aged for 1-3 years.
The difference between it and a normal CPN sale is that premades are typically done with generic names. In short, it’s a third-party synthetic identity
When buyers purchase a premade CPN, they often have to buy fake documents, driver’s licenses, and paystubs fabricated in the generic name.
That is why it is a big money maker for these con artists. Sellers often charge $400 to $600 for a premade CPN, whereas they can only make about $80 for a newly created CPN profile.
With a pre-funded CPN, not only are cookie cutter CPN’s created, but the seller(s) will pre-apply for loans, credit cards and bank accounts so they are immediately funded.
How Prefunded CPN’s Work
Pre-funded CPNs take the synthetic identity scam to a new level of sophistication and danger. These packages typically include everything needed to start using stolen credit immediately.
According to one online testimonial, a client of this credit guru received multiple credit cards in the mail over the course of a month. “He got cards from Discover, Mega America, American Express, Citibank, and Chase,” the Youtube video reveals.
The process is deceptively simple: pay around $775 for a package that includes a CPN with credit cards already pre-applied, sent directly to your mailbox. Each package typically includes three credit cards with limits in the “$10K to $20K range.”
They Are Selling “Bank Account Packages” As Well
Pre-Funded CPNs are not limited to loans and credit cards, sellers actively advertise pre-funded CPN’s with bank accounts.
One advertisement offers a pre-funded CPN that comes with a bank account with a $50,000 balance.
While this offer makes almost no sense, why would they sell you a bank account with $50,000? It does point to the fact that these offers (if legitimate), are simply selling stolen bank accounts or identities.
The Double Scam Risk Of Pre-Funded CPN’s
Pre-funded CPNs present a dangerous double scam scenario for consumers. First, using a CPN is illegal, as these are typically stolen or fabricated Social Security numbers.
But a second, sometimes overlooked risk exists: many sellers of pre-funded CPNs may simply take your money and disappear. They promise credit cards that never arrive, collecting hundreds or thousands of dollars from desperate consumers.
“Using a CPN on a credit application is 100% a crime,” warns Sgt. Darren Schlosser of the Houston Police Department’s fraud unit. “If a consumer puts their CPN on an application instead of their real social security number, they could face the consequences.”
The Cash Out Scheme
For those who do receive pre-funded CPNs, the criminal activity often starts there. Many users attempt to “cash out” the fraudulent credit, converting it to untraceable funds.
“We’re in the process of cashing out the credit cards, you know, balance transfers,” explains one testimonial. “He already bought a lot of MacBooks, and he’s trying to resell them on eBay, Facebook, any online platform.”
The person continues, “I told him not to cash out every card because it’ll hurt the CPN, but he also didn’t really care.”
Just Say No To Prefunded CPN’s
Before pursuing any credit repair solution that sounds too good to be true, remember that legitimate credit building takes time. There are no legal shortcuts to instantly erasing bad credit history.
Using a CPN in place of your Social Security number on any application is illegal. As many CPN users are finding out, it can land you in hot water.
If someone approaches you with a deal on Pre-funded CPN’s just say no.
