Beware of online financial frauds, scams | Sunday Observer

Beware of online financial frauds, scams

24 January, 2021

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