Online Loan and Grant Fraud

By Posted on August 28, 2017

Online Loan and Grant Fraud

If you apply for an online loan and find the lending firm through social media platforms such as Instagram, Facebook, Google Hangout, Craigslist, etc, BEWARE and perform your due diligence on them. Currently, fraudsters are doing whatever they can to gain access to your money and personal information. Below are a couple of warning signs to look out for in order to determine whether the company is legitimate.

1. Did they instruct you to provide your online banking username and login to be able to provide loan proceeds? If yes, then they are FRAUDULENT.
2. Did they state they would need to send you (X) amount of dollar (example $995.00) to verify your account, request that you return some of the money provided, or ask for money before you receive money? If yes, then they are FRAUDULENT.

Below are ways to protect yourself against potentially FRAUDLENT Lenders.

1. DO NOT give your online banking sign-in and password to anyone. When you provide this to someone that is not on your account this gives the authorization to perform transactions on your behalf that you are ultimately responsible/liable for.
2. Do research on the company. Check the Better Business Bureau, FDIC, NCUA, etc or just perform a Google search of the company to see if they have been linked to fraudulent activity.

In the end, if you do not feel something is right about the company then most likely something isn’t right. Remember to PROTECT YOURSELF and if you are not sure, consult your financial institution and they will assist you in determining the legitimacy of the lending company.