Loan Repayment Scams

Scammers with a criminal intent predominantly play a negative role on the website by sending hundreds of bogus mails to the target group with the sole objective of swindling few dollars or extreme money from them. Though literate and well-informed group escapes from their dangerous target many illiterate and poorly informed people lose several hundred dollars to these types of criminals. Though the authorities are taking several steps to curtail these activities the situation warrants more since the criminal activities on the websites are growing leaps and bounds without any control.

Scams related to loan repayment is gaining momentum and several hundred scams connected with loan repayment have already happened in several countries. Since maximum awareness is not created about these types of scams the scammers take advantage of the situation and try to play their criminal role by swindling the innocent people money.

Students those who are planning to go abroad for higher studies often look out for cheap loans with attractive interest and also get these types of best offers from the leading banks. But when the banks give these types of loans the students they do not play any pressure tactics to get the loans back within a short period of time and only relaxes its norms after considering the students financial strength. This being the case the scammers those who are operating from other parts of the countries pose themselves as loan recovery officers of the banks those who offered the education loans to the students and try to play their role wonderfully. They will put lots of pressures on the students by sending several mails to them and when they reciprocate to these types of mails they will swindle the money immediately.

Scams related to school loans repayment is gaining popularity since US Department of Education are receiving several complaints from the parents about these types of scamming activities. Millions of students are enjoying education loans that are extended by the bankers and repay the loans after a point of time. But the scammers will pose themselves as loan consolidation officers and try to extract money from the students and the parents. They will draft a mail which generally carries the message like this "We are one of the leading financiers in this country and are offering consolidation loan at an extremely lower rate of interest. Those who wish to avail these types of loans can reciprocate to this mail immediately". When the parents or children reciprocate to these types of mails the scammers will request them to deposit few dollars as processing fees. After receiving the deposit money they will run away immediately. Scams related to personal loans are also very famous. Scammer will pose themselves as banks and will draft a mail stating "we are one of the reputed banks in this country and offer personal loans at zero interest rates with fixed processing charges". When the public deposits the processing charges they will run away with that money.

The public are warned not to reciprocate to these types of mails and escalate the matter to cyber police. The public should follow these guidelines to safeguard their money:

• Never share your account number, online user id and password and also other credit card particulars to third party.
• Never reply to the scammers since they will prompt you to deposit few dollars.
• Escalate the matter to the police authorities and cyber cell.