Need money fast? Be careful with credit offers on social media

The Financial Services and Markets Authority (FSMA) warns the public against the activities of unauthorized lenders who offer consumers fake credit. The FSMA has identified 26 new fraudulent lenders who offer fake credit to Belgian consumers via the internet. Consumers come into contact with such providers in a variety of ways: they receive unsolicited messages via email or social media (Facebook, WhatsApp, etc.) or find advertisements online. Given the current economic situation, consumers often search for extra funds in the form of credit, and as a result may come into contact with questionable players. In practice, these involve fake credit that is offered to consumers in order to coax consumers into giving them money. The fraudsters claim to be authorized lenders or registered credit intermediaries, and do not hesitate to use the names or logos of well-known credit institutions. In such cases, this is considered to be a case of ‘cloned firm’ fraud. The fraudsters offer loans at very attractive conditions. For example, the credit provider claims to lend large amounts at a low interest rate. It also claims that there will be no credit check on the consumer to de...