The Central Bank has received information regarding several types of financial frauds and scams being operated through social media, internet-based applications and mobile payment applications.
Most of these scams are conducted through web or mobile app based easy loan schemes that attract the public. During such a loan application evaluation process, the fraudsters entice the public to share confidential personal customer information and data.
Be cautious when applying to easy/instant loan schemes with characteristics such as:
* Attractive slogans which lure customers in such as zero interest for the first loan
* Extremely high interest rates even though the initial interest rates may be low
* Advertised as requiring no or little documentation
* Adequate information of the money lenders cannot be found
* Loan extensions can be requested and are granted at any time despite the circumstances
* Advertised as quick approval