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24/09/2021

Don't be fooled! Garda warning about Advance Fee Fraud

Gardaí warn Louth residents of phone scam

FILE PHOTO

Gardaí said they have been receiving reports from people who have fallen victim to Advance Fee Fraud which relates to on-line websites offering un-secured loans. This can affect both an individual and those in the business world.

There are a number of websites offering un-secured loans which target the more vulnerable. This is sometimes very attractive because it offers loans which are processed quickly and without fuss.

After the victim applies online, he/she will receive a call or communication within a very short time (often minutes) informing them that their loan application has been approved and the victim will then be provided with details of the amount of the loan and the monthly repayment.

The victim is then asked to send a small amount of money to the lender in ADVANCE of the loan amount being issued. Different reasons are given for this advance fee, for example, as an up-front fee or to pay for Personal Protection Insurance on the loan amount. Unfortunately, when this is done no loan monies are ever issued and the advance fee is lost.

WHAT CAN YOU DO?

• NEVER apply for a loan from an entity that is not authorised by the Central Bank.

• ALWAYS check the official Central Bank website to see if the firm is authorised by the Central Bank.

The register of authorised firms can be accessed at http://registers.centralbank.ie/
Please be alert for such scams and never transfer money in this manner.

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