Beware of credit fraud in social networks
The Commission for the Supervision of the Financial Sector (CSSF) and the Directorate for Consumer Protection (DPC) warn of fraudulent loan offers that are currently circulating on social networks.
« Fraudsters create fake profiles to offer loans on extremely favorable conditions and without financial restrictions. Their only goal is to bring them to bring their money, » said the CSSF on Tuesday.
How does this fraud work?
Fraudsters create a fake profile by using the name of a reputable bank or pretending to be their representatives. You contact users through social networks or publish their fake/untrue offers in groups and comments on Facebook, WhatsApp, Instagram and others.
« After a first exchange, continue the discussion by email and use non-business addresses such as Gmail, Outlook or Hotmail. You ask for personal information (ID card, bank details, address). You will then request advance payments with the pretext of processing fees, insurance companies or costs for borrowing, » report financial supervision and the management for consumer protection. As soon as the money has been transferred, contact breaks off and it is « almost impossible to get the money back. »
How can you avoid such frauds?
Be suspicious of favorable loan offers in social networks. If someone claims to represent a bank, it is best to contact the bank in question to check the information. In addition, serious banks and experts do not actively advertise on social networks. Never pass your personal data on to strangers online. Simply block suspicious profiles and report them to the corresponding platforms.
