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  Geebo 8:00 am on June 2, 2023 Permalink | Reply
  Tags: lenders ( 2 ), lending scam, loan ( 4 ), loan scam ( 6 ), Scams ( 1,224 )   

  Think twice about that online loan 

  

  By Greg Collier

  There are few things more frustrating than when a surprise expense needs to be paid, such as an emergency car or home repair. If someone is short on cash, they might consider a loan. Then, to simplify matters, they may look online for a loan. Unfortunately, there is a veritable minefield to navigate while looking for a legitimate lender. One wrong virtual step could lead you into a scammer’s trap.

  For example, a Dallas area woman was looking for a small loan to have her car repaired. She filled out an application through what she claims was a legitimate lender. Once the application was completed, she started receiving offers from several different online lenders.

  One lender in particular told the woman she needed help with her credit score to get a loan. This lender supposedly had the solution. They would send the woman $1800 and by sending back the money it would improve her credit, so she could get the loan. The payment sent to the woman’s bank account was not legitimate. The scammers had contested charges with her bank to make it look like there had been an $1800 deposit. If the woman had sent the $1800 to the scammers, she would have been out $1800 of her own money. This is not unlike the fake check scam. Thankfully, the woman realized she was being scammed before sending any money.

  Legitimate lenders will never have you send them money. If a lender sends you money, then wants you to pay it back immediately, they’re trying to steal from you.

  If you’re looking for a loan online, you need to follow many precautions. Look for reviews, ratings, and complaints about the lender from reliable sources. Avoid sharing sensitive information such as your Social Security number, bank account details, or passwords unless you trust the lender and are confident in their legitimacy. Obtain loan quotes from multiple lenders and compare terms, interest rates, and repayment conditions. Be skeptical of significantly lower rates or overly favorable terms. And of course, if something seems too good to be true or feels suspicious, it’s better to be cautious and seek alternative lending options.

   

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  Geebo 8:00 am on October 8, 2021 Permalink | Reply
  Tags: check scam ( 76 ), lending scam, loan scam ( 6 ), payment app ( 17 ), phone scam ( 45 ), Scams ( 1,224 ), security ( 46 ), text messaging ( 32 ), venmo ( 26 )   

  Scam Round Up: Don’t let strangers use your phone and more 

  

  By Greg Collier

  We’re closing out the week again with another trio of scams that have popped up around the country.

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  Our first scam comes to us from Charlotte, North Carolina. Residents there have been complaining about a bold scam that takes advantage of your kindness. The scam involves people coming up to you asking to use your phone. The scammers will have some kind of story like hey’re car broke down and can they use your phone to call someone. Once they have your phone, they’ll open up whatever payment app you have on your phone and send all your money to the scammers account. In Charlotte, residents there have said that Venmo was specifically targeted, but this scam could be used on any payment app. The best way to prevent this from happening, outside of letting no one use your phone, is to enable the security features on your accounts. Usually, you can secure your accounts with a PIN or have them require your fingerprint or facial recognition.

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  Speaking of North Carolina, the Better Business Bureau of Eastern North Carolina is warning consumers about phony lenders who are really looking to pull off an old scam. In this scam, the lender promise an easy loan, and will deposit a check in your bank account. The scammers will then demand you to buy loan insurance before the check even clears. However, the check never clears as it’s a fake, leaving the victim responsible for the check’s amount to their bank. These phony lenders usually promise you won’t have to undergo a credit check. This should be your red flag, as all legitimate lenders will have you undergo a credit check. Also, no one seeking a loan should respond to unsolicited offers they may receive through text or email.

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  Lastly, the Better Business Bureau of Tulsa is warning their residents about a text messaging scam that threatens to lock their phone. Consumers there have been getting texts that appear to come from their cell phone providers telling them that their phone will be locked if they don’t make a payment. The text also contains a link that should never be clicked on. The link will either inject malware into your phone or it will ask you for your financial information. If you receive one of these texts or one like it, call the customer service number that appears on your bill or on the provider’s website.

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  Please keep in mind that scams like this aren’t confined to the area where they are being reported on in the news. They could just as easily be happening in your area.