How the scam works:
Scammers use phony letterheads, sending letters to loan borrowers stating the bank handed over the responsibility for servicing their home loans to another company.
This was the case with Bank of America customers being informed that their home loans were moved to Great Western Business Services, a phony group created by scammers. The letters trick people into sending their mortgage checks to a post office box registered to the new company.
To make it look more official, scammers set up phone lines for the newly created company, answering calls from people who receive letters and want to check if that company really exists. Once the scammers receive the victims' trust, they will ask for bank account confirmation and other personal info.
How to avoid the Loan Moved To A New Company scam:
If you are not sure, call your bank to verify, not the new company that has contacted you.
How to report the Loan Moved To A New Company scam:
Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
How to protect yourself more:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
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