Cyber Fraud: Loan Scam<br /><br />A loan scam is a type of cyber fraud in which criminals trick people by offering fake or illegal loans through phone calls, SMS, WhatsApp messages, emails, or social media advertisements. The fraudsters promise instant loans with low interest rates and without documentation to attract victims.<br /><br />Once the victim shows interest, the scammers ask for personal details such as Aadhar card, PAN card, bank details, OTPs, or request an “advance fee” in the name of file charges, insurance, or processing fees. After receiving money or information, the scammers either disappear or misuse the victim’s data for further fraud.<br /><br />In many cases, victims are also forced to install fake loan apps that access contacts, photos, and messages, leading to blackmail, harassment, and extortion.<br /><br />Common Signs of Loan Scam:<br /><br />Guaranteed loan without verification<br /><br />Demands for advance processing fees<br /><br />Requests for OTP, PIN, or CVV<br /><br />Fake websites and mobile applications<br /><br />Pressure to act immediately<br /><br />No official office address or website<br /><br />Effects of Loan Fraud:<br /><br />Financial loss<br /><br />Identity theft<br /><br />Blackmail and harassment<br /><br />Mental stress<br /><br />Credit history damage<br /><br />How to Stay Safe:<br /><br />Apply loans only through registered banks or NBFCs<br /><br />Never pay advance fees for loan approval<br /><br />Do not share OTP, PIN, or personal details<br /><br />Avoid downloading unknown loan apps<br /><br />Verify company registration before applying<br /><br />Report fraud to cybercrime authorities
