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Surety Bond Fraud

If you've heard the horror stories about fake surety bonds, you're probably on the lookout to avoid them. Contractors all over the country have unfortunately fallen for fake bonds, or tried to create them themselves. Let's take a look at some of the basics behind fake surety bonds so you can be better prepared to avoid them.

What is Surety Bond Fraud?

Surety bond fraud involves unauthorized surety bonds that are issued by fake surety companies, rouge bond agents, or principals themselves. They can wreak havoc on a construction project or any other situation where a surety bond is needed. This is because in the event of a dispute over the surety bond, these fake bonds are worthless and can offer no assistance.

Spotting Surety Bond Fraud

In order to avoid falling victim to surety bond fraud, it's important to do your research on the provider, and if in doubt, call the surety company or Attorney in Fact who signed the bond to verify its legitimacy. Although you may want a bond as quickly as possible in order to secure a bid, taking the time to properly vet your potential surety bond can make all the difference. Look for warning signs like bond forms that are done completely by hand or do not have a surety's corporate seal. Unfortunately, even seals are known to be forged, so that's when it's good to turn to verification.

Project owners, obligees, and contractors alike have to stay vigilant to spot phony bonds in order to protect themselves and the general public.

Work with a Certified Surety

The best way to avoid surety bond fraud is to work with a surety that is certified by the United States Treasury Department. You can check out their list of approved sureties here. In addition, The Surety & Fidelity Association of America provides a Bond Verification Service that can help you make sure your surety bonds are legitimate. These types of certification ensure that the surety has the assets to handle the maximum claim size of the bonds they provide, and that they are the actual issuing surety on the bond.

Viking Bond Service, Inc. has over thirty years of experience supplying legitimate surety bonds across the United States and around the world. Our surety bond experts can help you get the coverage you need, so you can have a successful project. Simply reach out to us at 1-888-278-7389 or complete an online application to get your surety bond needs covered in a superior way.

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More About Surety Bonds:
How to get a Surety Bond

Need a Bond? Here's how to get one. Read here for information about the bonding process.

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A Medicare Bond is required of some durable medical equipment suppliers who accept Medicare payments. Learn more and get a quote here.

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