Merton Trading Standards are receiving an increasing amount of complaints about loan providers conning unsuspecting customers.
Merton residents are at risk of being targeted by rogue loan companies, the council announced this week.
Merton Trading Standards are receiving an increasing amount of complaints about loan providers conning unsuspecting customers out of money.
In some cases, legitimate businesses are seeing their names hijacked by con artists, who go onto scam customers.
These fraudsters cold call victims and ‘guarantee’ loans on payment of an upfront fee, without a credit history check.
Victims are then told to transfer money into an account before their money is transferred. This however, never materialises.
Another tactic used by these conmen is to demand credit card details for ‘security reasons’, which then allows them to withdraw money from the victims’ accounts without permission.
Action Fraud, the national fraud reporting and advice centre, run by the National Fraud Authority, believes fraud can be stop if the subject is discussed.
Jamey Johnson, Head of Action Fraud say: “Always be extremely wary of post, phone calls or emails offering you business deals out of the blue.
“If an offer seems too good to be true, it probably is. Always question it.”
Council Cabinet member for environmental sustainability and regeneration, Councillor Andrew Judge, agrees with this advice, adding it is important that residents fully check companies before giving any details or agreeing to anything.
Merton Trading Standards advise potential customers look into companies’ addresses, landline numbers and online research about the company.
Companies’ credit licences can be checked at www.oft.gov.uk/consumercreditregister.
If you have lost money to fraudsters or would like advice and support visit www.actionfraud.police.uk or call 0300 123 2040.
