Latest Online Loan Scam or Using Mobile Money

Latest Online Loan Scam or Using Mobile Money

Online loan scams are a huge industry that scammers take advantage of. Fraudsters also try to use renowned platforms like Mobile Money providers to scam unsuspecting customers.

Loans are a necessity. Especially using loans to settle emergency situations. Scammers take advantage of vulnerable emergency situations to scam members of the public.

Though major stakeholders try their best to educate the public about how to avoid the online loan scam, fraudsters always find new schemes to achieve their targets.

General rule for scammers

Scammers always use renowned and credible institutions to perpetrate their mission. They do this by developing a scheme that fits into existing operations of a credible institution.

In the case of online loans, scammers usually use banks, other financial institutions and Mobile money providers, which are known to provide loans, to scam members of the public.

Latest online loan scam

Scammers have found a way to send customized SMS or email to unsuspecting customers of mobile money providers or banks about the opportunity to access loans.

In such types of messages, the scammers would provide the short codes and follow-up options that a customer would naturally use to access a loan on the electronic platforms of the banks or mobile money platforms.

However, the scammers would introduce a clause in their SMS that will motivate or encourage the customer to rather fill out a form on a Google form or fill out a form outside the official electronic platforms of the financial institutions or mobile money providers. For example, the fraudster could indicate that interested people fill in a form if they want a higher amount of loan that is not available on the electronic platform for the banks or mobile money providers.

Such types of clause would make the person fill out the Google forms or any form outside the official electronic platforms for the institutions.

In the process of filling out the Google forms or any other form, the person would be asked to input his/ her PIN.

The customer would likely input the PIN, against all logic, having been convinced that he or she was dealing through the official channels of the bank or mobile money providers.

Providing the PIN/ password along with your wallet/ account number means you have handed over your account/ wallet to an unknown person.

How can anyone approve a transaction on your phone from an unknown location?

There is no need for any long tutorials. However, we are aware that anyone anywhere can take over your account/ wallet remotely through SIM swap and other means.

Moreover, many people have been misled through a process that ended up in clearing their bank accounts or mobile money wallets.

Solution

The ultimate guide to avoid handing over your bank account or mobile money wallets to anyone remotely is to avoid filling in Google forms or any other forms using your actual PINs to bank account or mobile money wallets

Finally, always make sure any form you want to fill out concerning your bankers or mobile money providers is actually done on their official electronic platforms that you have ever transacted

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