Loan Scams

Losing your money to money lending impostors who pressure you into sharing personal data or making upfront payments.

How Does It Happen?

Here is how Loan Scams unfold.

Example of a scammer using fake loan ads to trick unsuspecting victims:

1 Scammers often promote these fraudulent activities through ads on websites, social media, emails or text messages.

2 They impersonate trusted money lenders, often sharing “business cards” as sales or financial advisors.

3 They will lure you with offers that seem too good to be true to pressure you to act immediately.

4 Once you have shown interest, the scammer will request for your personal documents to ‘process the financing’ to get you to accidentally disclose your banking details.

5 They might also request for upfront payment (e.g. advance deposit, administrative expenses, fees, etc.) to be paid into an individual/company account.

How to Defend

Here is what you can do to protect yourself.
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If you need financial help, go to authorised bodies such as licensed banks and financial institutions.

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Report any unsolicited request to transfer funds for fee payment to secure financing into unknown individual/company accounts. 

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Do not disclose sensitive and confidential information to individuals or companies claiming to be third-party appointees or agents from a financial institution. 

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