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Advanced Fee Fraud

On this month’s Crimecall Detective Superintendent Micheal Cryan of the Garda Economic Crime Bureau was in studio advising the public on a recent scam involving online loan applications.

As part of this scam the borrower will be asked to provide an advanced fee or alternatively to cover the cost of insurance on the loan being applied for.

Detective Superintendent Cryan highlighted the red flags that the public should be aware of in relation to these types of loans:

  • The ease with which the loan is required. It will usually be an unsecured loan with no guarantor required.
  • The borrower may be invited to borrow more than the amount originally applied for.
  • The people targeted for these types of scams are usually vulnerable and unable to get a loan from other financial institutions.
  • These scams are usually initiated through an internet search and an entering of personal details such as name and phone number that will result in the borrower receiving a phone call in a matter of minutes.
  • The borrower will then be put under pressure to pay the advanced fee and will be told that there are time limits to the offer

Borrowers are encouraged to check the central bank website for lists of regulated companies. It is worth noting that if the company is not regulated then the borrower will have no recourse for refund.  

Detective Superintendent Cryan asked members of the public to always be aware when receiving unsolicited phone calls, emails, text or other communication that leads to a request for personal or banking information.