How Do Advance Fee Loan Scammers Locate Potential Victims?
If you have applied for any sort of credit, it is very likely that your information was sold by the credit reporting agencies to multiple sources. This practice enables corrupt organizations to locate their victims. Be alert of unsolicited offers by phone, mail and/or email that guarantee loan approval. You should never disclose any personal information including but not limited to bank account info or your Social Security Number to anyone unless you are 100% certain that the company is legitimate and you have instigated the contact.
It is also very common for consumers to come across a classified ad or a website commonly placed on very reputable distribution channels, offering loans for people with bad credit and no credit. Some scammers will even use the logos of reputable lenders in their ads but insert their own contact info, tricking consumers into thinking that they are contacting legitimate lenders.