Special to the Town Crier

The BBB Scam Tracker is receiving reports of scammers masquerading as legitimate loan providers, according to a Better Business Bureau press release issued this month.

The phony lenders guarantee a quick loan with no upfront fees. But victims who provide their banking information to the scammers are left in the negative.

How the scam works

You receive an email advertising a guaranteed loan. The email displays a logo and contact information for what appears to be a legitimate loan company. Before proceeding with the offer, you search for the company online to determine whether it can be trusted. You find that the name and contact information matches with a legitimate company, so you proceed with the loan.

Once you agree to the loan, the “lender” takes your personal banking information and deposits the loan into your account via a check. Then, the “lender” demands you buy insurance for the loan before the check officially clears. Unfortunately, the loan check turns out to be fake, something victims often don’t realize until after they pay the “insurance.” One victim told the BBB, “The money will be available the next day, but then it will be rejected by your bank three days later.”

These scammers know that consumers are increasingly aware of phishing attempts, so they use the identity of a business…

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