Loan Scams – Classic Scam Continues

Preying on Consumer Fear, Uncertainty and Doubt – Don't Be a Target

What You Should Know

Loan Scams, whether Payday, Student or Business, account for almost 8% of all robocalls. So, chances are good that you've actually answered one of these calls yourself. How does it work? You pick up the phone to hear an annoying caller with an offer to help lower your interest rates. Or perhaps the call is more ominous and instead informs you that your loans (Payday, Student or Business) are past due. Since scammers occasionally gain your information from legitimate online loan applications, the calls can sound pretty convincing. They're usually quite successful at fooling their victims into believing that the callers are really and truly employees of their loan providers. What happens next? They are after your money, so expect fear, threats and intimidation.

How Does It Work?

The scammers pose as bank or loan representatives. The collection attempts often involve threats of lawsuits, asset seizure, and arrest. Most of those targeted don't actually owe the debt being collected. But the scammers are persistent and do a good job at convincing the consumer that something is wrong and that the only way out is to make some sort of payment.

What You Should Do

A few "nevers" to keep in mind: Never send money or provide access to your bank or credit card in response to threatening telephone calls or emails you receive claiming that you owe a debt. Never give any personal information, such as social security number, credit card, or bank account information to any individual, website, or company without first verifying their identity and license status. Check that a financial services company or individual is properly licensed to conduct business in your home state.

Our BEST Advice

It's no secret, but our best advice is to not answer calls from numbers you don't recognize. Let calls roll to voicemail. If it's a legitimate business, they'll leave a voicemail. If not, they'll hang up. Better still, use YouMail. We block the calls at the source. Scammers will hear an "out of service" message and those fraudulent scammers will take you off their list for good.

How YouMail Can Help Stop Scams Today

YouMail customers are protected from scammers and fraudsters. Our service is 100% free and extremely effective. Our exceptional call blocking and caller ID capabilities systematically block calls and remove any and all numbers from robocaller lists – FOREVER.

Definitely check out YouMail's online phone directory to validate if the caller's number has negative reports or is from a known scammer.