Fake loans are nothing new, but our Fraud team has seen an uptick in recent weeks. Protect yourself by remaining vigilant and learning more about fake loan scams.
Here's how it may work:
Scammers get you to apply for a loan you think is legitimate on a fake website. You receive no documentation, and you're asked to provide your online banking credentials. The scammer uses your username and password to log in and deposit checks to your account, so it looks like the loan has been funded. You spend the money (or in another variation, sent it back to the fraudster), the check bounces, and now you've lost the money that was already in your account and potentially left with a negative balance.
Remember:
A real loan will provide you with documentation before you sign anything.
A real loan won't need your online banking username and password.
If notice any red flags, contact Avadian immediately.
Equal Housing Opportunity Lender