The Economic and Financial Crimes Commission has advised the public to beware of loan scammers and to check properly before applying for a loan from a business.
The advice was given during a recent ‘EFCC Connect’ Twitter chat by Hauwa Modu Maina, an officer from the Abuja Area Command.
She revealed that many people had fallen victim to loan scams because they failed to do their due diligence before taking out loans.
Maina explained that “Loan Scam is all loan offered under false pretenses. Locally, there are loan scams which could be charity scams, government impostor scams, fake check scams, debit scams, advance loan scams, etc.
She said there are also “sharpening loans” which give loans but make repayment terms difficult and would do anything to get the loan back. Maina described this category of loan companies as “scammers”.
She said that on social media like Facebook, it’s common to come across a loan ad asking you to apply. “They will ask you to download first. They will ask you to fill in your personal and financial information, and all of a sudden you see no money in your account but uncensored withdrawals, deductions and charges.
“When they ask you to fill in your BVN, IPPS, 3 letter card verification codes on the back of your ATM card, PIN codes and other personal information, just know that you have given your financial and personal information , and they can wipe out anything they can in your account.
Also, you might be asked to download loan app and register to get certain amount of money for a period of time at outrageous interest rate.
“But as soon as you get the loan, maybe there’s a mistake, there’s confusion between paying your loan and not paying, and all of a sudden you start getting threats ranging until you label yourself as a scam on social media.
“Third scenario, you have collected a loan and even paid on the due date but still got debit alerts, they will present you with a situation where you have to pay liquidation fees and so on just to snatch you out of your hard-earned money.”