Loan Fraud: Five Tips to Recognize Online Forgery

Loan Fraud

Loan fraud

Nowadays, you can control almost anything online. You can shop, make an appointment with the doctor and even request a loan. Both in the physical and in the virtual world, scammers are constantly finding new ways to rob you of your money. Hence we share 5 tips to recognize loan fraud.

How can you recognize loan fraud?

The fraud usually begins with an email that is approached by a stranger. This person offers a fast and cheap loan. There he or she usually has two tactics:

  • The person pretends to be a known or less known financial institution; or
  • The person offers a loan between individuals.

Often these e-mails are written in defective Dutch. The e-mails are not always filtered by your spam folder. Interest rates are low and flexible maturity makes the total package even more attractive. This attracts desperate people who are not eligible for a traditional loan. In particular, look at the following alarms to recognize the fraud:

1. You do not have to prove your income

No bank gives loans without first looking at your credit history and financial situation. A bank will obviously know if you can repay your loan. A bank without interest in your finances has no sincere intention to give you money.

2. The provider’s website is not secure

Financial institutions make every effort to win customer trust. Their websites will therefore use ISO web standards, including security certificates, partners, sponsors, and more. Do not forget to look at the url. Safe URLs must begin with “https” and not “http”. If you can not find these aspects on a provider’s website, you can better get away. It’s almost certain of fraud!

3. The provider has no physical address

If you visit a provider’s website, look for a physical address. If there is no address or if something appears to be wrong with the address, then you should be careful. Please check the address on Google Maps or call the setting. If you do not find an address and nobody is recording, you can better specify. Providers must have a seat to operate in Belgium.

4. The provider does not meet the legal requirements to be recognized as a lender

Many fake websites offer beneficial loans, but the real purpose of the websites is to register and sell your personal information to the highest bidder. To make sure that the setting is legal, check that the setting is registered with the FSMA .

5. You must pay money.

You have started the loan process and then get a registration account for your choosing. You will then receive a fee for administration, mail, etc. while you have not seen a cent. This is a fraud tactic of criminals to fill their bags with small amounts. Loans must be completely free of charge, excluding the interest you pay. So do not enter it, how small the amount looks!

Leave a Reply