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Source : https://www.infosecurity-magazine.com/news/dozens-russian-groups-steal-50/
The UK’s financial regulator has warned of an increase in scams promising non-existent loans, as fraudsters look to pressure consumers struggling to make ends meet in the run up to Christmas.
The Financial Conduct Authority (FCA) polled 2000 UK consumers last month. It said cases of loan fee fraud rose 21% year-on-year for the 12-month period November 2021–October 2022. This doesn’t include those who reported to the FCA but managed to avoid being scammed out of money.
Victims typically receive an unsolicited call, text or email offering them a loan, and are pressured into making an upfront payment as a ‘deposit’ or ‘admin fee’ in order to proceed. However, there is no loan, and the scammers pocket the cash.
The tactic is more likely to work at a time when many are struggling to pay for festive gifts in the face of high inflation and a cost-of-living crisis.