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New scam targeting people with loans

Jasmine Birtles 12th Aug 2010 No Comments

Reading Time: < 1 minute

We’ve heard from Action Fraud, the Government-backed organisation that helps people who have been victims of fraud. They’re warning everyone about a new type of scam targeting people with loans. The fraudsters – often from a company with a similar name to an existing loan company (clever) – are sending out letters claiming the recipient has missed a repayment deadline and they now owe the original debt plus more money.

Naturally, if you’re already a bit jittery about your loan repayments, a letter like this can make you panic and try to pay it before you get worse fines. It’s a mean and manipulative fraud – as most frauds are – so do let friends and family know about it, particularly if they are borrowing right now.

Apparently a number of victims have contacted Action Fraud in just one day and the matter is now with the National Fraud Intelligence Bureau.  Action Fraud takes crime reports from victims of fraud and provides them with a crime reference number.  This information is then fed to the NFIB – run by the City of London Police – for analysis and possible police action. Action Fraud also provides a wide range of information for the public on how they can protect themselves from fraudsters.

There are some simple rules you can all follow to help protect yourself:

*    Check your original paperwork – contact the company you took the loan from to check repayment dates
*    Ask questions – If someone is legitimate they won’t pressurise you or be elusive.
*    Don’t stay silent. If you’ve been targeted by a fraudster and lost money, contact Action Fraud or call 0300 123 204.

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Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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