SCAM ALERT: Loan Scammers Target Unsuspecting Victims with False Promises

A group of loan scammers has been targeting unsuspecting victims, duping them into parting with their personal and financial information by promising easy access to large sums of money at ridiculously low interest rates. But the truth is far from it.

The Scam

The scammers operate by claiming that they do not consider a person’s credit history or credit score when approving loans. They promise applicants that their loan application will be approved before even conducting any due diligence. However, this is just a ruse to get their hands on your personal and financial information, which can be used for identity theft or other malicious purposes.

Red Flags

Here are some red flags to watch out for:

• Pressure tactics: Scammers may try to rush you into making a decision by applying pressure tactics such as “limited time offers” or “last chance” deals.
• Lack of transparency: They may refuse to provide their physical address or information about their location, which is a major red flag.
• Fake paperwork: Some scammers may produce forged paperwork or fake references to make it seem like they are legitimate lenders.

How to Protect Yourself

To avoid falling prey to these scams:

• Be wary of unsolicited loan offers: Be cautious of loans that promise easy access to large sums of money at low interest rates. If the offer sounds too good to be true, it probably is.
• Verify the lender’s legitimacy: Never provide personal and financial information until you have verified the legitimacy of the lender.
• Research the lender’s physical address: Check if they are registered and licensed with NAMFISA or the Bank of Namibia. You can also check their website for any red flags or inconsistencies.
• Avoid sharing personal details: Only share your personal details if you know why they are being requested.

What to Do If You’re a Victim

If you become a victim of a loan scam, report it to:

• NAMFISA
• Bank of Namibia
• Financial Intelligence Centre (FIC)
• Your nearest police station

Remember, all legal financial service providers are registered and licensed by NAMFISA or the Bank of Namibia. Always exercise extreme caution and verify the legality and status of the involved lenders before engaging them.