November 1, 2024

The Financial Intelligence Unit (FIU) of Trinidad and Tobago is warning the public about increasing occurrences of “Loan Fraud Scams”. The FIU states that swindlers imitate authentic loan businesses in these scams to deceive the public.

Fraudsters often promulgate this type of scam either via the internet or through social media platforms. They dubiously duplicate websites of legitimate loan businesses or use similar email addresses to conduct their illicit activities. Throughout this period, FIU has received a staggering number of reports concerning such scams, exceeding 20 in total.

Here’s how the scam typically unfolds, and the typical fraudulent demands:

– Receive unanticipated loan offers.
– Communications often through WhatsApp and email correspondences.
– Request for sensitive personal data and documentation.
– Demand advance payments.
– Furnish third party account details.

The FIU also emphasizes some warning signs to guide the public:

– Be skeptical of uninvited loan offers from social media pages, posts, or ads.
– Beware of seemingly implausible offers.
– Avoid any offers requiring advance payments.
– Be cautious of businesses utilizing free social media accounts such as Gmail for corporate matters.

In case of encountering such scams, the FIU advises the public to report it immediately to the TTPS Fraud Squad via their contact numbers, or through their official email.

FIU also urges financial institutions and enlisted businesses to promptly report any suspected fraudulent transactions or activities, as these might be linked to instances of money laundering.

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FAQs

What is a Loan Fraud Scam?

A Loan Fraud Scam involves swindlers posing as legitimate loan businesses in efforts to deceive innocent citizens. Typically promoted online or via social media, these scams involve duplicating authentic loan websites or employing similar email addresses.

How can you identify a Loan Fraud Scam?

There are a few tell-tale signs like unasked loan offers, requests for personal data, and needing upfront payments. The use of free social media accounts for business communication, like Gmail, can also be suspicious. Always remember, if the deal seems too good to be true, then it likely is.

How can one report a Loan Fraud Scam?

If you suspect you’ve been targeted or fallen victim to a loan scam, it’s essential to immediately report it. You can reach out to the TTPS Fraud Squad by phone or email, as well as through reporting sections in financial apps. Businesses should also report suspected fraudulent activities promptly.