Sidmouth warning over web loan scam

PUBLISHED: 14:45 03 February 2011

RESIDENTS in the Sidmouth area have been warned over scams involving fake loan companies.

RESIDENTS in the Sidmouth area have been warned over scams involving fake loan companies.

Police say they have received a number of complaints from people who have sought financial loans online and were deceived by fraudsters.

The Internet is being utilised by unscrupulous criminals to exploit vulnerable people who have poor credit ratings and find it difficult to borrow money through major financial institutions, Devon and Cornwall Police have warned.

Scammers contact the customer by telephone and claim to be from a genuine finance company. They agree a loan, but request that an initial payment and administration fees are paid up front. After the money has been transferred to the scammers, via a transfer agent, no loan is received and the company will deny all knowledge.

DC David Wright, of the Force Internet Crime Investigation Team, said: “Make sure you do your research first before signing up to anything. Remember if anyone asks for money up front, don’t sign up. And if the rates look too good to be true, they probably are.”

Contact police on 08452 777444.


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