Personal loans: Online scammers RIP OFF Britons for HUNDREDS of pounds

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Scammers target people on lower incomes and with low credit ratingsGETTY

Scammers object people on lower incomes and with low credit ratings

Victims buried more than £3.5million to loan fee fraud in 2017, a attentively 44 per cent rise over the year.

Yet almost three points of people are unaware of the scam, where victims searching for loans online are contacted by the crooks, then provoke b requested to pay an upfront fee for money they never receive.

The average loss carry on year was £740 and Mark Stewart, executive director of enforcement and retail oversight at the Financial Conduct Authority (FCA), said: “Before applying in any case check who you are dealing with, be sceptical and make sure the loan provider is authorised by restraining our register at Fca.org.uk.”

Loan fee fraud has now overtaken investment fraud as the most hackneyed scam reported to the FCA.

Heartless scammers target people on lower revenues and with low credit ratings, who have limited access to mainstream trust.

Although some legitimate stockbrokers may charge fees in advance of providing their services, being sought to pay a fee before receiving a loan can be a warning sign.

Meanwhile, identity bluffer is also a growing danger with the highest number of scams still recorded last year, and the problem looks set to get worse.

Fraud hampering service Cifas reported 174,523 cases in 2017, with knaves using ever-more sophisticated tactics to access personal or security observations.

Old people are at particular risk, with more than a third of bank account takeover chumps aged over 60.

Bhupender Singh, chief executive of Intelenet Epidemic Services, said banks are fighting back, analysing customer assign to flag up suspicious transactions.

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