Warning issued for loan scams as some victims are losing hundreds and thousands of pounds | Personal Finance

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The act of pretending to be a legitimate company is called “cloning” and is when scammers imitate a legitimate, Financial Conduct Authority (FCA) authorised and regulated loan provider or credit broker, pretending to be a representative from that company. They then get in touch with a large pool of people through cold calling, emailing or SMS messages. The list of contacts is likely to have been purchased from data sellers. The scammers may also create fake websites so they can provide links to their targets. Graham, 68, from Kent, fell for one of these loan scams after scammers posed as a legitimate lender.

The real and FCA authorised loans company Little Loans was cloned by scammers told Express.co.uk that it believed that this scam had circulated over the last year and it was trying hard to make sure customers are aware of the scam.

At the time Graham was struggling financially after having been made redundant, he…

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