Don’t waste your last January Rands on these loan scams – The Citizen

An email from DirectAxis offering you high loan amounts and very low interest rates as we go into January probably sounds too good to be true, meaning it certainly is and consumers were warned not to pass on their confidential information to allow someone to separate them. money they have left after the holiday season.

The email, which has been around for a few years now, looks at first glance like the real thing. The sender appears to be DirectAxis, and you might have been thinking about getting a loan to help out until the December financial hangover is over.

But wait! Your name doesn’t appear at the top, the letter is full of really bad spelling and grammar mistakes, and wait… you have to reply to a Gmail address and send all of your personal details to get the loan.

Yes, that red light that started flashing in your head was your crook sense, and it was absolutely true.

This is a con artist who wants to impersonate your identity, which is why DirectAxis is now also warning consumers on its website not to fall into the trap of this kind of scam, which seems to be emerging.

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How to spot a loan scam

Not all scams are obvious and can be disguised as an email or text message from a well-known brand. DirectAxis states that you can detect a scam by checking these items on the email:

  • Incorrect or old DirectAxis logo is used
  • You are not addressed by your name
  • The loan amount is too high
  • The interest rate is too low
  • Bad grammar and spelling mistakes
  • The brand name, DirectAxis, is spelled incorrectly as Direct Axis
  • A suspicious email address is used to send you the email and for your response.

DirectAxis warns the consumer that no matter how complex the scam, most scammers focus on obtaining your personal information to steal your identity, get you to pay to access your “earnings” or “loan”, or get remote access to your bank accounts.

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The initial costs

A scam involving the payment of upfront fees is also very common and can appear in many forms, such as a loan offer, winning a contest or lottery, an inheritance, or a refund.

Scammers usually ask you to pay an upfront fee to “release the funds”. The fees can seem quite formal, such as an admission, approval, local agent transfer, administrative fee, attorney fee, or local agent transfer fee.

Protect yourself by looking for an insanely large loan amount that often runs into the millions or an insanely low interest rate offered. As soon as you pay the required fees, the scammers disappear.

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Identity theft scams

Identity theft scams are very similar. In order to claim your cash prize or inheritance, you are required to submit your personal and banking information to ensure that your “prize” or inheritance is deposited into your account.

Scammers who want to steal your identity usually ask for copies of your ID, passport, driver’s license, payslip, utility bill, and bank and account statements. They then use your personal information to open bank or store accounts and take out loans on your behalf, which you may be responsible for.

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Remote access scams

Other crooks seek to gain remote access to your personal and banking information and use software to take control of your computer remotely and gain access to your personal information and banking profile.

Some of them will even call you to help you block fraudulent transactions by downloading protection software to your computer. After downloading, they will prompt you to log into your online banking profile.

This is when you start receiving OTPs on your phone to confirm transactions you don’t know anything about. The scammer will ask you to pass the OTPs to them to allow them to “block” transactions for you, and to use the OTPs to process the transactions and defraud you.

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Beware of these loan scam tips

We all know someone who has been scammed in one of these ways. How to spot one? DirectAxis says you should be on the lookout for these common methods used by crooks:

  • Promises of large sums of money without having to do much about it, like clicking a link or downloading an attachment
  • You must pay an upfront administration or processing fee
  • You must provide sensitive personal or account information
  • Communication is from an unknown sender or someone you have never dealt with
  • If you don’t respond quickly, the offer will expire
  • You are invited to keep the communication confidential
  • Bad spelling and grammar
  • It sounds too good to be true and yes it is.

You can protect yourself against scammers by:

  • Protect your personal information
  • Keep your passwords and PINs in a safe place and do not share them with anyone
  • Do not share your personal information on social media sites
  • Do not allow anyone to remotely access your computer
  • Do not open suspicious texts and pop-ups
  • Don’t click on links or attachments in emails
  • Never send money or give your credit card details, online account details, or copies of personal documents to someone you don’t know or trust
  • Make sure that companies’ messages are legitimate
  • Checking security features on websites and social pages, such as padlocks and check marks / marks
  • Do not accept messages or emails from a friend that seem unusual or irrelevant, even if they are on social media
  • Be careful when replying to a message or email you haven’t requested
  • Beware of unusual payment requests, such as MoneyGram payments

Report suspicious emails or texts from DirectAxis to the corporate fraud department at [email protected]

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