Stop Loan Fraud
Credit.com is fighting advanced-fee loan fraud for National Consumer Protection Week 2009. This particularly noxious scam preys on people who are facing money or credit issues.
What is advanced-fee loan fraud?
Funds are wire transferred by the victim – usually to Canada – and the loan never appears. Victims are usually asked for $400-$1,800 with the initial transfer and are often asked for subsequent transfers, up to several thousand dollars. There is no way to recover the lost money after it has been sent to the scam lender.
How widespread is loan fraud?
With the credit crisis making legitimate loans harder to find, we have seen the volume of complaints to increase significantly. Credit.com receives several reports from victims and near victims of this scam each week.
What can be done to stop loan fraud?
In addition, we feel that public awareness is the most effective tool in stopping loan scams. Credit.com has been aggressively fighting loan fraud since July 2006 with "FairView Financial Services."
What has Credit.com done?
Read Credit.com reports about the following scammers: Brookfield Lending, Prudent Financial Services, Matrix Financial, Central Group Alliance, Stockwell Financial Services, Hampton Group Services, Metro Financial Inc, Affinity Financial Trust, American Reliance Financial and Triple Touch Financial. We have worked with victims who have lost between $600 and $4,500 to advanced-fee loan fraud.
Credit.com has also dedicated a section of our community forum to helping loan scam victims share their stories and warn others.
Credit.com's expert team is available to comment on loan scams. We have sample fake loan papers and victim stories.
Visit our press center.