In economically tough times, scam artists are prevalent and are attempting to exploit people in financial hardship or who have bad credit. They usually operate over the phone or on the internet and sound convincing when making promises of loan offers which might seem like a good solution. It can be difficult to resist their appeals.

Don’t Be Fooled

Although scammers may appear to be as reliable as other companies that offer loans to people, they are actually criminals. Once they have tricked you and taken your money, they can cause immense financial destruction.

Signs that may indicate you are dealing with a con artist include:

If someone offers you a loan but requires you to pay an upfront fee before they give you the money, beware.

If someone contacts you and tells you that you will be guaranteed a loan without having to fulfill any requirements.

Beware if someone offers you a loan but asks for an upfront fee to be paid before you receive the money.

Having knowledge can be a source of great strength.

It is important to remain vigilant in order to avoid falling prey to scammers. They are adept at identifying targets for certain types of loans and can be very persuasive in their attempts to gain the trust of potential victims. Reading our scam reports can help you stay up to date with the latest tactics employed by these criminals.

Beware of Telephone Fraud Attempts Involving High-Pressure Tactics

Recently, there has been an increase in reports of phone calls from individuals claiming to be collecting on a debt. These scammers try to intimidate and terrify people into paying a debt they do not owe or providing personal information in order to steal identities. This can cause major issues for the victims.

People who have been contacted by the criminals have been informed of an alleged debt that needs to be paid right away. The scammers apply a great deal of pressure on the victims, saying they will be prosecuted unless the money is sent rapidly, not giving the victim time to consider the circumstances.

It is a frightening thought: After you’ve eaten dinner, you sit down on the couch to watch TV before bed, only to have the telephone ring. The caller, a stranger, swears at you and says that you are going to be arrested for not settling a loan you don’t recall ever taking out.

What is your next step?

Start by taking a deep breath and calming down. Scammers are hoping to make you panic and make rash decisions. Get the contact information of the person who called you, including the organization they work for and the exact sum you allegedly owe. Inform them that you will look over your records and get back to them.

To ascertain the veracity of their claims, you should first consult any records you may have regarding unpaid loans or other matters they are asserting. Then conduct research on the company they are employed by; investigate any relevant consumer complaints on BBB.org. If it appears they are not a genuine business, or they are attempting to make you pay what you don’t owe, contact the Better Business Bureau, the Federal Trade Commission, and the local police.