ARLINGTON, VA — BBB Scam Tracker is receiving reports of scammers masquerading as legitimate loan providers. These phony lenders guarantee a quick loan with no upfront fees. But victims who provide their banking information to the scammers are left in the negative.

How the scam works:

You receive an email advertising a guaranteed loan. The message displays the logo and contact information for what appears to be a legitimate loan company. Before proceeding with the offer, you search for the company online to determine if they can be trusted. You find the name and contact information matches a legitimate company, so you proceed with the loan.

Once you agree to the loan, the “lender” takes your personal banking information and deposits the money into your account via a check. Then, they demand you buy insurance for…

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