Advance Fee Fraud: ‘Loan fee fraud’ on the rise – how you can avoid the scam of the summer

16 Aug 2023 5:08 PM | Anonymous member (Administrator)

The financial watchdog has urged borrowers to watch out for signs of a common advance fee loan scam this summer.

The Financial Conduct Authority (FCA) is warning the public about a surge in loan fee fraud (aka advance loan fee fraud).

This type of fraud scams borrowers into paying an upfront fee for a loan they then don’t receive, with losses averaging £260 per person.

https://www.yourmoney.com/credit-cards-loans/loan-fee-fraud-on-the-rise-how-you-can-avoid-the-scam-of-the-summer/


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