by Ruby Caberte
As more shoppers become mindful of the risks of phishing (con artists taking individual information), a few lawbreakers pick another plan: loan payment scams. For loan payment scams to work, these criminals bamboozle their victims into entrusting them with their loan payments.
The scammer first presents the facts that they are a well-connected associate of a bank (or another loaning association) to a victim, and that they want to assist individuals with getting their loans prepared rapidly and conveniently. When they acquire the victim’s trust, they discover reasons to take installments from the person in question, while guaranteeing them that the cash will be utilized for “preparing” the loan. Obviously, these payments go to the scammer—not to the bank or lender!
You can outsmart these scammers with these simple but clever means:
Pay for your loan-related installments and different exchanges through legitimate bank channels always. These channels do over the counter at your bank office or through automated arrangements. Do this for your car loans, home loans, and business loans.
Amplify auto-debit payments. Get some information about this from your bank; it is the safer and convenient choice. For instance, BDO has an Automatic Debit Arrangement (ADA) that transfers month to month various amortizations from the allotted BDO Savings or Checking accounts.
Check with your bank or other moneylenders. When somebody offers to assist with your loan payment or to help “quicken” your loan application, refrain from saying yes immediately. Regardless of whether the individual is a friend or a family member, don’t be constrained into saying yes. Be more careful if the individual is an outsider.
Instead, call up or go to your bank office or the lending organization. Check if the individual is approved to assist clients with payments and applications of credit. Then inquire as to whether the loan payment or application is genuine and approved by the bank/lender. Assuming you effectively check the entirety of that, you can feel free to say yes.
Be extra vigilant when somebody requests that you move cash to a personal account; particularly if it’s for preparing an advance loan application or before loan proceeds delivery.
Take care to remember phishing scams. Phishing is done chiefly through deception: the scammer sends an instant message, an email, a private message, or a link that will cause the targeted individual to share personal data.
When the scammer gets information on the victim themselves, the difficulty of taking an individual’s cash through online hacking, for the most part, disappears.
You can outplay these criminals and ensure your information’s security by knowing how they attempt to fool you into sharing your information. Here are the warning signs:
- The caller or message sender requests your username and password for your online banking account. They may likewise request your One-Time-PIN or OTP. Your bank won’t ever request that data.
- The caller or message sender gives you email or text links that lead to sites that request your own data, including your online banking account credentials. Your bank won’t ever send you links to these sites. Probably, your bank will just send links to share data such as card promotions.
- The caller or message sender requests that you check your account through a call, instant message, direct message, or email. Always be on guard for these times that you are approached to confirm your account by sharing your own data: your name, birthday, mother’s maiden name, and so forth Such data might be utilized to get to your account. Your bank won’t ever request this kind of information.
- The caller or message sender requests the accompanying data through a call, direct message, email, or instant message: your credit card number; your card expiry date; your card CVV (or Card Verification Value, which can be found at the rear of your card); your OTP to confirm online shopping exchanges. Your bank won’t ever request that.
Scammers are consistently out for victims; remember these tips to keep yourself and your cash shielded from their plans.