Scammers Targeting Consumers With Bogus Loan Offers

The Better Business Bureau recently announced it was receiving reports of phishing scams that offer guaranteed loans with no fees. The scammers, however, try to appear legitimate by using the name, logo and contact information of a legitimate company.

Know How To Spot These Scams.

Scammers constantly adapt to become more sophisticated with their attacks. It’s important for consumers to stay apprised of how they’re evolving, so they can be better prepared to avoid becoming a victim of fraud.

The loan scams come in unsolicited emails. While they appear to be from a legitimate company, the organization represented has nothing to do with the “offer.” Simply checking the company’s website may lead you to believe that the email is legitimate. There are other red flags to consider. Before clicking on any link in an email, ask the following questions:

• Is the return email address different from the company website the email is representing?
• Is the offer too good to be true?
• Does the email contain noticeable spelling or grammatical errors?
• Is the email requesting your personal information?
• When you hover your mouse over links, do they point to suspicious URLs?

The most obvious red flag with these scams, however, is that they are unsolicited. Any email you receive offering the promise of a loan that you didn’t initially inquire about should trigger an alert in your mind that the offer is not legitimate. If you are still uncertain or simply want to verify that the email is a scam, contact the company represented in the email directly to ask.

When it comes to loans, it’s best to trust your local bank. To learn more tips for spotting phishing scams, visit our Personal Security Center or contact a banker today.

These tips are provided by the Iowa Bankers Association.