You read of the day: How scammers exploit their victims

SCAMMERS have become increasingly skilled at using social media to target their victims, and one of their most common tactics involves offering fraudulent loans.

They typically advertise low-interest loans, claiming to be agents representing reputable banks.

To make their schemes appear credible, these scammers create professional-looking social media profiles. Their posts often feature enticing offers, such as “instant approval” or “no credit check,” targeting individuals who are in financial distress or urgently need a loan.

The details in this piece are based on findings from my recent surveys, which included responses from individuals who had fallen victim to these types of scams.

To make their scams even more convincing, scammers often steal the identities of real professionals, using their photos and bios to create fake profiles that appear legitimate.

Some scammers go a step further by sending business cards that display the name of a reputable financial institution they claim to represent. These fake profiles interact with potential victims, commenting on loan-related inquiries and replying to messages, giving the impression of a trustworthy loan officer. As a result, many victims feel confident reaching out, thinking they are communicating with a genuine representative of a reputable company.

Once a victim makes contact, the scammer begins their well-rehearsed process. They quickly reply with a personalised message, thanking the individual for their interest and offering assistance with the loan application. The scammer may ask for basic information such as the loan amount, employment status, and credit history, which they claim is necessary to process the application.

At this point, the victim, deeply invested in the idea of receiving the loan, often pays the fee without hesitation. They might transfer the money via wire transfer, credit card, or other untraceable methods.

The scammer promises that the loan is nearly finalised, only to request additional payments for “administration costs,” “insurance,” or “processing delays.” With each new payment, the scammer reassures the victim that the loan is just around the corner.

Of course, the loan never arrives. After receiving the payments, the scammer either blocks the victim or deletes their social media account entirely, leaving the victim unable to contact them. By the time the victim realises they’ve been scammed, it’s usually too late to recover the lost funds.

The emotional and financial impact on the victim can be devastating. Not only have they lost money, but their trust in legitimate financial institutions may be shattered.

Many victims feel embarrassed, ashamed, or foolish, especially if they rushed into the process or were too eager to believe the scam. In some cases, victims end up in even worse financial situations, particularly if they borrowed money to pay the fees or if their personal information is now at risk of being misused for further fraud.

To protect yourself from these scams, it’s crucial to be cautious when encountering loan offers on social media. Never trust unsolicited offers, especially from unknown sources.

Always verify any loan opportunities by reaching out directly to the lender through official channels or by checking their website for legitimacy. Remember, a legitimate lender will never ask for upfront payments before granting a loan.

While social media can be a valuable tool for connecting people with legitimate services, it is also rife with fraud. Scammers are experts at exploiting the trust people place in online interactions.

Staying informed, practicing caution, and being sceptical of offers that seem too good to be true are essential in protecting yourself from these increasingly sophisticated scams

Source https://www.sarawaktribune.com/how-scammers-exploit-their-victims/