Garda Warning: Be Aware of Embezzlement Techniques in Ireland

Warning Signs of an Ongoing Advance Fee Fraud Scheme

The Garda National Economic Crime Bureau has issued a warning to the public about an ongoing advance fee fraud scheme targeting vulnerable individuals who are seeking loans online. This scam involves websites offering unsecured loans, which claim to be processed quickly without the need for a good credit rating or collateral.

How the Scam Works

Victims of this scheme typically apply for a loan through these websites, only to receive a call or communication within minutes informing them that their application has been approved. However, the lender will then request an advance fee, claiming it is necessary for various reasons such as personal protection insurance, overseas taxes, or demonstrating the ability to meet loan repayments.

Warning Signs

• Websites claiming to offer fast and easy online loan applications
• Loans being approved quickly without checks on identity, creditworthiness, or ability to pay
• No hard copy documentation required by the lender
• Requests for payment in advance of the loan being issued
• The lender not being authorized by the Central Bank of Ireland

How to Avoid Falling Victim

To avoid falling victim to this scam, never apply for a loan from an unauthorized entity. Always check the official Central Bank website to verify if the firm is authorized. If in doubt, visit the Central Bank’s website at http://registers.centralbank.ie/ or https://www.centralbank.ie/regulation/how-we-regulate/authorisation/unauthorised-firms for more information.