Saskatchewan Federation of Police Officers 73 ADVANCED FEE FRAUD (Loans) Advanced fee loan ads generally appear in classified sections of local and national newspapers, magazines, and tabloids. They claim their company can guarantee a loan even if the consumer has bad credit or no credit. These loans usually require an up-front fee, which may range from hundreds to thousands of dollars. Usually, the consumer never gets the promised loan and then cannot get his/her money back once it is sent. What You Can Do About Advanced Fee Loan Fraud Know that simply advertising through recognized media outlets does not ensure the legitimacy of the company behind the ad. If you cannot get a loan through traditional lending institutions, it is unlikely that you will get one in response to a classified ad. In most jurisdictions, it is illegal for a company to request an up-front fee prior to obtaining a loan. Ask the loan company to take the amount of their fee off the total amount of the loan that was promised to you. Report advanced fee fraud to PhoneBusters. If you are a victim, contact the local police (if applicable) or the local detachment of the RCMP. ADVANCED FEE FRAUD (Nigerian / West African / Inheritance Letters Emails) A consumer receives a request via letter, email, or fax for an urgent business transaction indicating that a very wealthy stranger has died. The letter, which claims to be written by a doctor, a relative, a prince, a king, or a major corporate entity in Nigeria, stresses the urgency and confidentiality of the transaction, the importance of trust and honesty (to make the consumer believe that the letter is valid), and may mention government involvement. The letter writer asks for assistance with banking and moving a large amount of money involving the consumer’s bank account and asks the consumer to share in the wealth. The consumer would presumably get a significant percentage of the amount (perhaps as high as 20%) for simply providing his/her bank account details. Typically, a consumer would respond by phone, fax, or email and would request further information on the requirements and procedure for the transaction. Once contact is established, the letter writer normally asks for an up-front processing fee and, in some cases, arranges for a meeting to discuss the transfer of funds. What You Can Do About Advance Fee Letters/Email Fraud Do not open unsolicited emails as the message may contain a virus that can damage your computer. Forward copies of the letters (regardless of country of origin) directly to PhoneBusters. Report advanced fee letter fraud to PhoneBusters. If you are a victim, contact the local police (if applicable) or the local detachment of the RCMP. Fraud Cent$ Toolkit for Seniors Helping Seniors Avoid Fraud
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