#loanscam

Have you been receiving scam WhatsApp calls from an unknown number? Are people with foreign phone numbers phoning or texting you about lucrative job opportunities? Do you encounter spam advertisements for no-hassle instant load opportunities? We recommend that you ignore all of these spams and report them since they are scams that might drain your bank account if you fall for them.

With the introduction of the internet, many people began to use it to make quick money. Furthermore, we now exclusively sort our credit cards, debit cards, bank accounts, and loan-related enquiries on our phones. As a result, we never know where or if our data is stored.

Scammers employ the phishing tactic to obtain personal information and transfer all of your money into their accounts. As a result, we are constantly bombarded with advertisements on television and radio, as well as government initiatives, alerting us about how to prevent financial fraud.

Scam of Instant Loans

Advertisements for rapid loans are one of the most common scams these days. You should be aware that no bank will make an instant loan (home loans for women) for any amount without first confirming many data about you. Even in an emergency, every bank has a protocol that you must follow in order to have your loan accepted.

As a result, if you need money right now, you should avoid clicking on rapid loan adverts on Google or any other browser. You will receive the funds, but the perpetrators of the fraud will collect your personal information, blackmail you, and potentially delete your entire account.

Asking for the OTP

From the government to private banks, we are constantly warned of scam calls requesting a one-time password. You must not share the OTP received from the bank with anyone, whether you are making payments or not.

In fact, many of these spam callers pretend to be from the bank where you have an account and give you a convincing reason to provide your account information. A few minutes later, the spam callers would ask for the OTP, which, if provided, would notify the bank that you had accepted to make the transfer, and your bank account would be depleted in no time.

WhatsApp Fraud

A new WhatsApp fraud is gaining popularity. Have you seen missed calls from numbers beginning with +60 (Malaysia), +84 (Vietnam), +62 (Indonesia), +27 (South Africa), +251 (Ethiopia), and so on? Experts advise against answering such spam calls or communicating with them in any way.

Behind these numbers, fraudsters and spammers are attempting to obtain your credential information. They will know that the number they are trying is active if you interact with them. Money Control reports that agencies in many cities sell international numbers for WhatsApp calls.

How to stay safe?

If you interact, the scammer behind the fraud phone call will offer you a lucrative career or part-time employment that you will find appealing. They may even offer you a reward for completing a quick task. They will check the details and may empty your account as soon as you receive the money from your end.

Money is in short supply, so understandably, people keep exploring various ways to access funds. However, scammers have taken to capitalizing on this and duping unsuspecting Malaysians. There’s been a significant rise in cases like this since the pandemic. If you want to keep yourself safe, here are some quick ways to identify scammers you should know.

1. They Request An Upfront Fee For Loan Application

In Malaysia, it’s against the law for a lender to ask you for an upfront fee before you can access a loan. This rule always applies, regardless of your Credit Score. So, you always watch out for red flags on platforms or individuals requesting an upfront fee (no matter how small) for “processing” your loan.

2. They Request The Details Of Your Credit Or Debit Card

Suppose any loan provider asks for your credit or debit card information; walk away as fast as possible. They’ll probably say that they want to use this information to verify your data and will credit your account as soon as they’ve confirmed it’s you. However, this is usually a ploy to withdraw your money or empty your bank account.

3. You Suddenly Get a Personal Loan You Didn’t Apply for

Some people suddenly get a call that they’ve qualified for a personal loan with super-low interest rates that they didn’t even apply for in the first place. In other instances, they may even tell you that you’ll be getting a loan amount higher than what you initially put in for. In either case, this is a clear warning sign that you aren’t dealing with legitimate lenders, so break off communication as soon as possible.

4. You Get Unbelievable Loan Deals

Is a loan provider you’re talking to now promising a guaranteed approval rate? Or are they saying the loan comes with 0 interest rate? If the answer to all the questions is yes, then you’re probably dealing with a scammer. Don’t forget that, ultimately, loans are business enterprises. So, if a lender is promising you loan schemes they aren’t benefiting from in one way or the other, then something’s wrong.

What Do I Do If Involved In a Scam?

If the worst has happened, don’t panic. Just follow these steps:

Contact The Police

Fraud or scamming is a criminal offense, so file a police report to let the authorities know you’ve been a victim. Be sure to include every detail in the message, so the police have a higher chance of catching the culprit.

See a Financial Advisor

If you lost a significant amount of money in the process, be sure to see a financial advisor so they can walk you through the recovery process.

Let People Know

It is the best way to ensure people don’t go through what you’ve just experienced. It can even lead to catching scammers, too, so don’t be shy to tell your story, even if it’s only on social media!

Conclusion

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