20
August
2020
|
11:29
Australia/Sydney

Beware of loan offers from scammers impersonating lenders

Summary
  • ASIC is aware of people pretending to be a legitimate lender (e.g. banks, credit unions) and offering fake loans to Australian consumers. This usually occurs after the consumer completes an online enquiry form expressing interest in a loan.
  • Be wary of unexpected calls, SMSs or emails offering loans that ask for personal information.
  • Avoid loan offers that have upfront fees for ‘insurance’ or ‘tax’.

Examples of how fake loan offers work

ASIC is aware of scammers using a number of tactics to offer fake loans to Australians. Scams can take place when someone contacts you by email or text saying you are approved for a loan and asks you for your personal information. Other scams use an online loan enquiry form, send you a loan offer and ask for more personal information.

Below are some examples of common tactics used by scammers:

  • The ‘lender’ is using an email account with a free provider (such as Gmail or Outlook). Legitimate lenders are unlikely to use free email providers.
  • The lender doesn’t have a website.
  • You are asked to make a payment for some sort of insurance or tax before they can release the loan funds.
  • An invoice asks for you to make payment by direct deposit into a bank account in the name of a person (not the name of the lender).
  • Requesting copies of your ID or a photo of you with your ID.

Think you have been scammed?

If you think you or someone you know has been scammed, lodge a report of misconduct with ASIC and report the matter to police. You can also make a report to the Australian Cyber Security Centre at ReportCyber. Your report may disrupt the scammers and hopefully will warn others to avoid it.

More information

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ASIC is Australia’s corporate, markets and financial services regulator.