The Investigator Newsletter
Volume 15 | Issues 6 & 7
March 14th, 2023
Scammers will call their victims pretending to be a variety of loan services. Examples of these services include student loans, small business loans, auto loans, payday loans, guaranteed approval loans, and the list goes on.
Things to watch out for:
Is the loan too good to be true?
- If you feel something is off, trust your instincts. No legitimate loan service will be able to offer you particularly low-interest rates or exceptionally large loans.
Are they asking for an upfront payment?
- No legitimate loan service will ask you for an upfront payment before you receive your loan. In Canada, this is illegal.
Do they have a presence online or in the real world?
- If you notice that there is no address, the address is fake, or it is another company address, then you are most likely dealing with a fraudster.
Do they have reviews?
- Legitimate services will have a multitude of reviews and discussions made online. Therefore, if you cannot find any reviews, or you find reviews pertaining to the service being a scam, cut off communication and find another loan service.
Debt Collector Scams
Debt collector scams are like loan scams; however, these scammers make threats in attempts to coerce you into giving them your personal and/or financial information. Although there are fake debt collectors, there are also legitimate companies using illegal tactics to take your money as well. Therefore, it is important to be aware of the red flags involved.
Here’s what to watch out for:
- Are they refusing to release information regarding the original debt? A legitimate debt collector is obligated to inform you on the name of the creditor, the balance due, and the service fees.
You don’t recognize the debt.
- Before making any payments, ask for detailed information about the account. As discussed above, debt collectors must disclose this information to you by law.
- If you still do not recognize the debt, ask for information to send a dispute letter to the original creditor before giving them anything.
- If they are threatening to tell your employer, friends, family, or even the police… it is a scam. Debt collectors are not allowed to disclose details of the inquiry or the debt to others. Owing debt is a civil matter and not a criminal matter, therefore, the police are irrelevant to the situation, and you have nothing to worry about.
Asking for financial information and requesting untraceable methods of payment
- Are they asking for your bank account details, credit card number, social security number, or date of birth? Never give anyone sensitive information about yourself over the phone.
- Furthermore, if they are asking you to pay via pre-paid gift cards, wire transfer, debit card, or cash… don’t do it! This is the number one red flag throughout all scams.
Calling at unusual times of the day
- Legitimate debt collection agencies must call between scheduled hours, typically ranging from 8 A.M. to 9 P.M. That being said, if you receive a phone call at a very inconvenient time of the day, chances are it’s a scam.
BCSI Investigations | Vancouver | Private Investigator | Firm Profile
BCSI has undertaken numerous cases involving cyber crimes such as fraud or enticement leading to fraud. If you or anyone you know has been a victim of a phone call scam, please reach out to us for a free consultation with one of our experienced investigators at 604-922-6572 or via email at firstname.lastname@example.org.
For more information about us and the types of services we offer, please visit our website to learn more at www.picanada.ca.