Loan Text: How The Scam Works
Scam Detector has received several emails from people complaining that they’ve been spammed with a loan text message offer. Potential victims have gotten notifications on their cell phones claiming to be from a money lending website. The text message tells the recipients that their loan request has been approved. To get the money, the victim is invited to access the website and to start a new application process.
Below you can see a screenshot with a couple of spammy text messages inviting the recipients to visit the website:
The text message says:
“Money Transfer in state OH
Trans. #37673 09/05
Amnt & Apprv: can be changed after IBV
Here is the thing: the hook works because the text message loan features the last name of the recipient, too (see “Straski” above), so the victims have a reason to believe that the notification is legitimate.
However, how this payday loan company gathered the last name is a different story. It could be purchased from third-party phishing websites or any other telemarketing lead list offers. Regardless, hundreds of recipients of the loan text message told us that they don’t account for this money lending company.
More vulnerable are people who have applied for a loan in the past. In this case, most of those are gullible and proceed with filing the application form and giving away their private data.
Loan Text Message Scam: How to Avoid
The loan text message is just a luring and deceiving scheme, meant to collect your personal data, as well as your financial information. If you look closer at the website they sent you, you will notice that they don’t have ANY option of contacting their office, whether it is an email, physical address, or customer service info. It is the first red flag you should look for when trying to find out more about a site.
Even if the company does lend the money, it is hard to be trusted. If you get the loan text message on your phone, just ignore it.
Text Message Loan: How To Report
Warn your family and friends about the Loan Text Scam by sharing this article on social media using the icons provided. You can also officially report the scammers to the FTC (Federal Trade Commission) using the link below:
How To Prevent Identity Theft and More
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