Fraud Awareness
Beware of Loan Fraud: Key Points to Remember:
Upfront Fee Scams: The Money Platform and other legitimate lenders will never ask for a payment before issuing a loan. Watch out for requests to pay loan fees or insurance costs upfront—this is a common tactic in loan fee fraud.
Impersonation Tactics: Scammers might use names and branding similar to ours and other reputable lenders to deceive you. Always double-check email addresses, website URLs, and spelling to ensure authenticity.
Unexpected Contacts: Be cautious if you receive unsolicited loan offers via phone, email, or social media. Verify the identity of the lender through independent contact details and not those provided in the communication.
Pressure to Pay Quickly: Fraudsters often create a sense of urgency to rush you into paying fees without proper consideration. The Money Platform does not do this. Genuine lenders allow time for decision-making.
Verify Lender Credentials: Before engaging with a lender, check the details against the Financial Services Register. Ensure that the contact details match what is officially listed.
Genuine Loan Fees: At The Money Platform, we do not request any fees to be paid separately from your monthly repayments. If a legitimate lender does require a fee, they must provide a notice detailing the fee structure and terms. Confirm agreement with the notice before proceeding.
Reporting and Prevention: If you suspect fraudulent activity, report it immediately to authorities like the Financial Conduct Authority or Action Fraud.
Red Flags to Watch For:
- Unsolicited contact about financial opportunities.
- Requests for quick payment decisions.
- Demands to download software which could be harmful.
Action Steps:
- Stop: Think over offers carefully.
- Challenge: Research the legitimacy of the offer.
- Protect: Contact us if you suspect fraud.
