Online loan scams targeting urgent borrowers

Authorities are warning the public about sophisticated online loan scams targeting individuals in need of urgent funds for consumption or business. Scammers utilize social media advertisements, spam messages, or direct calls to promise “ultra-fast disbursement” and “no collateral” requirements, even for those with bad credit.

The fraudulent process typically involves requesting upfront payments for various purported reasons, such as application fees, appraisal fees, insurance, or disbursement costs. Once the victim transfers the money, the scammers block the contact and delete their accounts. In some cases, they invent system errors to coerce victims into sending even more money. Furthermore, scammers often steal personal information, including ID numbers and bank details, for other illegal activities.

Police advise citizens to never pay any upfront fees to individual accounts to secure a loan. They also warn against sharing OTP codes, passwords, or sensitive banking information, and urge people to avoid clicking suspicious links or installing unverified lending applications.