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In these times of economic turmoil and record levels of personal debt, loan scams are more prevalent than ever.
Money thefts are possible because thieves use fraudulent credit offers to attack those who are already in a precarious financial situation.
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They pretend to be legitimate businesses and demand that you send them money to get your hands on money that doesn't exist.
To find out how to protect your finances from this danger, read on.
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How does the credit scam work?
A credit scam is a form of embezzlement in which money is stolen from unsuspecting victims through false loan agreements.
Scammers will exploit the promise of "easy credit" as a diversion while stealing your identity, draining your bank account and demanding a "security deposit". The contractual provision for a fine in the absence of authorization from the Internal Revenue Service or a guarantee until the first payment is made justifies the amount of the advance. Once the customer has made a deposit or transfer, the impostor disappears with the money, leaving the borrower without the loan and even further in debt.
Consumers in weaker positions, such as those with high levels of debt, are more likely to fall for the deception. The offer is attractive because the fake business operator is willing to work with a client who has a bad reputation in the sector. Only one organized crime group in the country was responsible for these thefts, totaling R$ 30 million. According to the G1 website, the police made the arrests in July.
A recent analysis of Complain here found that loan fraud has increased by a staggering 198% in recent years.
The proliferation of new fintechs and financial institutions, as well as the expansion of the existing credit market, are responsible for this growth.
Fraudsters are taking advantage of the expansion of financial services by posing as representatives of legitimate institutions to request personal information in order to launch fake loan scams.
Since the beginning of the pandemic, consumers of all kinds have been looking for loans as an option to deal with the rising costs associated with the current financial crisis, unemployment and inflation. However, using credit successfully requires caution, preparation and security measures.
Fake credit scam mechanism
Fake loan scams usually start when a con artist poses as a banking worker and contacts their victims by phone, WhatsApp, email or social media.
Ads placed by scammers on search engines, websites, social networks and print media can attract victims.
Often, they pretend to work for reputable financial organizations or government agencies such as the Internal Revenue Service or the Central Bank.
The salesperson then presents the victim with a loan that offers below-market interest rates and "unmissable" conditions.
Criminals usually target the negatively stereotyped and the deeply indebted, who have difficulty obtaining credit and will accept almost any offer to pay off their debts.
The scammers mimic the process of applying for a bank loan by collecting personal information and handing over a contract to be signed after the victim accepts the loan.
After agreeing to the terms of the contract, the signatory can sabotage any attempt to pay the agreed amount.
A frequent counter-argument is that the loan funds are held hostage until the IOF (Financial Operations Tax) is paid in full.
But the IOF is charged by financial institutions and is already accounted for in the Total Effective Cost (CET) of loans, at a maximum rate of 3% per operation, so this makes no sense.
Scammers, however, use this tax as cover to urge their victims to send money to "free up credit". This sum is much higher than the real tax rate.
In addition to citing commission or insurance costs, criminals can cite various reasons for demanding payment in advance.
When the victim sends the money, the crooks disappear and never see the money again.
Alternative loan fraud schemes on the Internet
There are several types of loan fraud that you have just investigated. Here's what they are:
