- Losing money which you have paid as a ‘fee’ for a loan or credit you do not receive.
Protect yourself from loan fee fraud
- When applying for a loan, work only with a reputable bank or financial services company, and only with its loan officer. This will help to ensure that you do not become the victim of a scam.
- Keep a record of the names and positions of people you deal with, conversations and correspondence so that you can confirm their authenticity and authority to work on your loan application.
- In the event of refusal to provide such details – or you suspect that something is not right – report to the bank or financial services company management.