What’s happening
Scammers are setting up fraudulent websites offering personal loans. They are also posting online advertisements for their services on social media platforms.
Once your application for a loan is approved, you’ll receive an email requesting personal information and documents. You will also be directed to pay an upfront insurance fee before any funds are released.
Who’s at risk
What this might look like
Scammers pose as financial service providers and loan brokers online. They create fake websites, post ads on social media platforms and contact people directly offering personal loans.
Once you apply for a loan online, the scammer will contact you by email or social media. They will send you a loan contract and ask you for personal identification documents such as photo ID, payslips, bank statements, and login details for banks and myGov.
They will also ask that you pay an upfront fee for ‘payment protection’ insurance or ‘loan establishment’ fees to secure the loan. They will not allow the amount to be deducted from the loan. Instead, they will require payment in full before any loan funds are released. They say this payment will be refunded after 3 months.
These scammers may impersonate existing Australian credit licence and financial service licence holders. They may even fraudulently quote ABN registration and credit licence information from ASIC to appear genuine.
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