An online loan scam occurs after applying for a loan through an online loan company. Fake websites are developed by illicit actors and act as a legitimate online loan company. Once personal information is received from applicant, loan approval is granted.
Applicant will receive loan approval and be asked for online banking login credentials. The illicit actor will then state the funds will deposited once access to the applicant’s online banking.
Once access is gained to the applicant’s online banking, the illicit actor will use the mobile deposit function to deposit a check to the applicant’s bank account. The applicant will then be instructed to withdrawal most of the funds from the check and either purchase gift cards to provide to the illicit actor or mail the cash to a specific address.
(1) Access to online banking is the only way to receive approved loan amount.
(2) Request money to be sent back to verify money was received.
The check submitted for deposit is a fraudulent check. If the check is successfully deposited and the funds are used, you are then liable to pay the Bank back the funds used if funds are not available in your account.
(1) Does the online loan website look legitimate?
(2) Asked to purchase gift cards.
(3) Asked to send money to unknown person or location.
(4) Check deposited is not drawn off a loan company.
(1) Discontinue communications with loan company
(2) Contact your financial institution as a new account and/or online banking credentials may need reset.
