Garda intends to warn the Limerick public about advance payment fraud.
“A number of bogus websites offer unsecured loans and target vulnerable individuals who have difficulty obtaining loans from reputable financial institutions. A person applies for a loan through a website that offers loans that will be processed quickly. This person provides many details, including contact information. Within a very short time, often within minutes, the person will be called or told that their loan application has been approved and given details of the monthly repayment. The person will then be asked to send the amount of money to the lender and for different reasons, “admitted Sergeant Ber Leitch
Garda received a report of a prepayment scam this week when a woman applied for a loan online from a site that turned out to be legal. She was informed by phone that the loan had been granted and was asked to pay 699 euros as a guarantee for the loan. She deposited this amount into Revolut’s account. Some time later, she received a call again from this credit company with a request to make an additional deposit to pay administrative fees. This time she was for 950 euros and unfortunately she also deposited this amount into the same Revolut account. When she did not receive the loan amount, she contacted her bank, which informed her that it was a scam.
What should a person do if they intend to apply for a loan online?
Always check the official website of the Central Bank to find out if the firm is authorized by the Central Bank. The register of authorized firms is available at http://registers.centralbank.ie/
Never apply for a loan from a person not authorized by the Central Bank.