How To Identify Loan Scammers – EFCC

The Economic and Financial Crimes Commission has advised the public to beware of loan scammers and check properly before seeking loan from a company.

The advice was given during a recent ‘EFCC Connect’, a Twitter discussion by Hauwa Modu Maina, an officer of the Abuja Zonal Command.

She revealed that many people had fallen victim to loan scams because of not doing their due diligence before taking the loans.

Maina explained that “Loan Scam is any loan offered under false pretence. Locally, there are loan scams that could be charity scams, government imposter scams, fake cheque scams, debit scams, advance fee loan scams, and so on.

She said there are also “Loan Sharks” who give loans but make conditions for repayment difficult, and would go to any length to recover the loan. Maina described this category of loan companies as “scammers.”

She said on social media like Facebook, it’s common to come across a loan advert asking you to apply. “They’ll first ask you to download. They’ll ask you to fill in your personal and financial details, and all of a sudden, you’re not seeing money in your account but withdrawals and deductions and uncensored charges.

“When they ask you to fill in your BVN, IPPS, card verification codes that 3 letter code at the back of your ATM card, PINs and other personal information, just know that you’ve given out your financial and personal details, and they can make away with whatever they can in your account.”

Also, you could be asked to download the loan app, and register to obtain a certain amount of money for a period of time at an outrageous interest rate.

“But immediately you get the loan, maybe there’s a mistake, there’s a confusion going on between you paying your loan and not paying, and all of a sudden you start receiving threats going as far as labelling you scam on social media.

“The third scenario, you’ve collected a loan and even paid on the due date but still receiving debit alerts, they will come up with a situation that you have to pay liquidation fee and so on all just to rip you of your hard-earned money. “