As the global pandemic hit us in the first half of 2020, many businesses were rocked by a financial catastrophe. When the system shuts down, you can think that the company will not function as normal. Traditional lenders, banks, and other financial institutions competed for business and personal financial security such as ACFA Cashflow.
Cybercriminals will naturally seek to share in the pleasure. They became moral as a result of the global pandemic. At the end of the day, the shady actors profited from the situation and grew their criminal activities. They view criticism as an opportunity to profit, and their anger fuels their desire to make money from their desperate needs.
In the most common loan scams that we see scammers send an email with an offer for a loan which is often spooky. The rates sound appealing and the repayment time is quite long. The processing period is really quick, and money will be in your account in a flash. Does this sound like it could be too fantastic to be real? It’s true.
These frauds are often called advanced fee scams. The perpetrator’s intent is to give the victim a loan at low-interest rates the victim is then forced to pay a fee before the transaction. The loan, however, isn’t there and the goal of the criminal is to earn a profit. The first payment is commonly disguised as a processing or application fee. The concept is that it is made in order to get services.
There are numerous types of loan fraud. Some con artists are more successful than others, while others are absolutely inept. For the more reliable examples, the loan broker owns its domain with an untrue lender and, at times has created an official website for the company. The less skilled ones tend to offer fake loans through accounts like outlook.com and gmail.com. Email addresses that finish in the same way are usually personal email addresses. These don’t belong to corporations. A legitimate loan company will not reach out to potential customers by email at individual addresses. The scams that are a part of the business are widespread and they appear the most frequently. They’re not costly as the aim is to disperse the funds to the most people you can, and then to hope that someone will accept the risk.
In this case, the attacker had created a domain for the bogus loan provider called “kreditinvestlltd.com.”The use of prominent finance terms like “credit” and “invest” in domain names is an attempt to trick the user, but it’s difficult to Google the organization using generic searches.
Scammers that make loans tempt their victims by providing big sums of money, as shown in the image above. If someone in a position of stress (or during times of severe necessity, such as the current outbreak that is taking over the world) is sent a letter, they could be enticed to take action. They use psychological methods and know which buttons to press in order to achieve their goals. The most effective way to stay secure is to make sure that it looks more attractive in appearance than it probably is!
Here are some suggestions to stay from being a victim:
- Review the domain of the sender. Check the domain of the sender Does the email originate via an email account owned by an individual or a company official? (Note! Be aware that addresses could have been fake!)
- Check for errors in spelling and grammar. Phishing emails frequently contain them.
- Refuse to accept loans delivered to your email address suddenly.
- If you’re having trouble with your funds, contact your bank.
- Be aware. If something appears to be suspect, it most likely is, and you should take no action!
Keep safe everyone!