Fraud Warning: Re: Low Interest Loans Scam
The names of reputable financial services companies in Canada and the United States are being used for fraudulent purposes.
One such scam involves the placement of classified ads in local newspapers and emails that offer personal loans, small business loans, mortgages and automobile loans at very low interest rates.
Individuals are encouraged to contact a toll-free number in Toronto. When this number is called, the individual is offered a low interest loan on the condition that an advance deposit or processing fee is sent via wire transfer. Respondents who advance funds to them do not receive legitimate loan offers or funds.
Please be aware that these offers are fraudulent. Banks are working with regulatory and police authorities to investigate this scam.
If you feel you may have been a victim of this or a similar scheme, please contact your local police department or call Phone Busters at 1-888-495-8501
Next (CWBdirect Phishing Notice 2007-08-02)
Previous (FCAC Cautions Consumers About New "Vishing" Scam 2006-07-25)