In support of the month of March being fraud prevention month, we will be highlighting the “scam of the day”. It is part of our contiuing efforts to make the public more aware of ongoing scams that are being used by con artists. We want to prevent you from ever becoming a victim. Remember…FRAUD…Recognize It…Report It…Stop It.

Todays Scam Of The Day – Loans Scams

Ads that promise loans generally appear in classified sections of local and national newspapers, magazines and tabloids.

Remember: simply advertising through recognized media outlets does not ensure the legitimacy of the company behind the ad.

Some companies claim they can guarantee you a loan even if you have bad credit or no credit. They usually request an up front fee, which may range from hundreds to thousands of dollars. Once you send your money to these companies, you never get your promised loan and you cannot get your money back. If you cannot get a loan through traditional lending institutions, it is unlikely that you’ll get one in response to a classified ad. Ask the loan company to take the amount of their fee off of the total amount of the loan that was promised you. In most jurisdictions, it is illegal for a company to request an up front fee prior to obtaining a loan.

These are the faces of fraud http://www.youtube.com/watch?v=ttUGJ7QMCzY