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Loan Fraud: Common Schemes
Loan scams encompass a wide range of criminal schemes. The main methods of deception include fake microfinance organizations, counterfeit credit agencies, and illegal refinancing schemes. Fraudsters offer clients "quick money" at a minimal interest rate, requesting an advance payment for loan approval. After receiving the payment, they cut off communication.
Another scheme is issuing loans using someone else's data. Criminals gain access to personal information through phishing sites or data leaks, then take out loans in the victim's name. In such cases, the person learns about the debt only after receiving a call from a bank or collection agency.
Some fraudsters pose as private lenders, promising loans without checks and certificates. They offer to sign a contract containing hidden terms with high interest rates and penalties, leading to significant debts.
There is also so-called "divorce lending," where scammers offer help in getting a loan to people with bad credit histories. They request money for "improving the credit score" or "guaranteed loan approval," then disappear.
Fake Microfinance Organizations and Credit Agencies
Fake microfinance organizations (MFOs) create websites that mimic the interfaces of real companies. They offer loan approval without checks but require payment for expedited application review. After receiving the amount, fraudsters stop communicating.
Counterfeit credit agencies promise to help people with bad credit histories obtain loans. For their services, they require an advance payment or "insurance" without providing real assistance. Some organizations claim to work with major banks but turn out to be fraudulent structures.
Another common method is "credit brokers" who supposedly help arrange loans on favorable terms. They request payment for their services in advance, then disappear.
Some fraudsters use schemes with fake investment funds, offering clients favorable conditions with subsequent loan issuance. Victims transfer money supposedly to confirm solvency, but end up without funds.
Fraudsters can also operate through social networks, posting ads offering easy loans. Such ads often contain fake reviews and calls for urgent loan applications, prompting victims to act without proper verification.
Credit Card and Refinancing Scams
One common scheme is skimming – installing devices to read bank card data. Criminals gain access to accounts and then withdraw money or take out loans.
Refinancing scams also pose a threat. False companies promise to reduce the credit burden but require an initial fee or transfer of funds to a "new account." As a result, the borrower loses money and remains with the old debt.
Additionally, fraudsters may offer "assistance" in closing a debt, requiring a transfer of funds for this. However, instead of canceling the debt, the victim loses their last money.
Some criminals use the "double loan" scheme. They offer to take out a loan and then persuade the borrower to take another supposedly to cover the first. As a result, the person ends up in a debt trap.
Fraudsters may also offer "guaranteed debt cancellation" using fake organizations. They assure the victim that they can annul the loan through legal loopholes, charging a fee for "services." Ultimately, the client is left without money and with debts.
How to Protect from Loan Fraud
To avoid financial losses, you need to follow several rules:
- Check the licenses of MFOs and banks on official regulator websites.
- Do not transfer advance payments for obtaining a loan or refinancing.
- Use complex passwords and two-factor authentication to protect banking data.
- Check credit organization websites for HTTPS and domain errors.
- Do not share personal information with third parties and avoid dubious loan offers.
- Do not sign contracts without carefully studying all terms, especially fine print.
- Verify the details of organizations before transferring funds.
- If suspicious, contact law enforcement or financial regulators.
- Use bank notifications and transaction limits to prevent unauthorized withdrawals.
- Do not download or install suspicious apps requesting access to banking data.
- Be cautious of online and social media ads promising "loans without checks."
- Never share one-time confirmation codes from bank messages with third parties.
Vigilance and information verification will help avoid fraud and maintain financial stability. Remember, real financial institutions do not require advance payments for loan issuance and always operate within the law. Following these rules will help protect yourself from fraudsters and avoid serious financial problems.