The Financial Conduct Authority (FCA) has urged Brits to be aware of loan fee fraud. Christmas, for example, is a particularly common time to get scammed - people are desperate for the money and willing to overlook warning signs. They are active during times when people are most vulnerable. Scammers are always evolving their tactics to take advantage of new technologies and regulations. How can you spot a scam? And what should you do if you've lost money to a fake loans site? Common types of loan scam In this guide we take a closer look at these loan fraudsters. Some take a shotgun approach, simply bombarding people with calls and texts. They take money or bank details to arrange loans that will never appear and leave victims with no way to recover the cash.
Many sites are legitimate, but some are scams. More lenders and credit brokers than ever are now operating solely online.
