Are you suddenly getting a flood of calls about loans you never asked for? You’re not the only one.
There’s been a noticeable uptick in unsolicited scam calls from individuals pretending to be loan processing agents, requesting personal information and often promising significant amounts of money. It’s causing concern among many.
Experts suggest this surge might be the result of a combination of economic instability and rapid technological advances.
“Scammers are clever social engineers who understand that in tough economic times, many are looking for financial relief,” stated Clayton LiaBraaten, a senior executive industry expert at Truecaller. He emphasizes that desperation can cloud judgment.
According to the Better Business Bureau, these global scammers are bombarding unwitting consumers with calls and voicemails, urging them to confirm details before a fake loan application can be processed.
If you mention needing to verify information like your salary, they’ll provide you with a callback number and an application ID—making everything seem legitimate. They often impose a tight deadline for calling back.
But, of course, these loans don’t exist. By sharing sensitive information such as Social Security numbers and bank account details, victims expose themselves to significant risks. Experts note that the tendency to respond quickly without thinking is what these scammers exploit.
“Scammers do their homework. They have all the psychological tricks they need,” LiaBraaten remarked, pointing out that busy parents and older adults are particularly vulnerable to falling for these manipulative tactics.
More than 4,000 calls related to loan fraud have been reported this year alone, according to BBB’s Scam Tracker. Some people have noted receiving multiple calls daily from different numbers, but with similar messages.
One Reddit user was particularly frustrated, asking, “How do I get these terrible people to stop calling me?” They shared their attempts at voicemails and even pressing “9” to join the Do Not Call list, all to no avail.
This individual even engaged with the scammers, pretending to be an elderly person to appeal to their conscience, expressing anger at their actions. Yet, despite numerous attempts to discourage them, the calls continued.
This experience is far from unique; many have shared similar stories online.
To protect yourself from these loan processing scams, the BBB recommends checking the legitimacy of the company. It’s wise to hang up, do your research, and reach out to the company using verified contact details.
The FTC warns that some scam callers may try to seem familiar, using this tactic to manipulate you into giving away personal information.
Never share personal details with unsolicited callers. It’s also advisable to avoid revealing sensitive information over the phone unless you’ve initiated the call to a trusted number.
A voicemail with vague information or a common name urging you to call back should raise immediate red flags. Responding could connect you to a scammer or result in unexpected charges.
The FTC points out that if scammers pressure you with phrases like “I don’t want you to miss this call,” it’s a clear sign of a scam.
They advise against returning calls or trying to opt out, as this can lead to more fraudulent calls. If you inadvertently answer such a call, don’t press any number to unsubscribe—it only confirms your number is active.
If you’re on the phone with someone claiming to be a loan officer, it’s a good idea to ask for their name, the company name, and license number, then hang up. Verify their identity using the official contact information. If they push back or apply pressure, it’s a scam.
Caller ID can be misleading since scammers often use fake names and numbers to appear legitimate. If you receive one of these calls, it’s best to block that number and do some research to confirm its authenticity.
There are tools available for blocking unwanted calls directly through your phone’s settings or your service provider’s options.
The FTC also recommends registering on the National Do Not Call Registry to limit telemarketing calls. However, even after registering, you might still receive calls from certain organizations like charities or political groups. If unsolicited calls persist after 31 days, you can report them to the FTC.
You might also want to check online if a phone number is associated with scams. The BBB suggests reporting any suspicious encounters to their Scam Tracker.
LiaBraaten notes, “The best defense is being proactive rather than reactive.”
“Remember, scammers want you to act quickly without thinking. Every moment you pause diminishes their power. They thrive on confusion and fear of missing out,” she explains.
Engaging with them or pressing any opt-out keys only confirms your number is active, leading to even more calls. It’s best to stay cautious, question everything, and simply hang up.
