Online borrowing can quickly become a financial and privacy risk when scammers use fake loan offers to trick people into handing over money or sensitive information, the Anti-Cybercrime Department has warned.
The department said fraudsters often advertise quick loan approvals without documentation to attract victims. They may then demand advance payments in the form of service charges or deposits, send suspicious links or ask people to install unknown applications.
Scammers may also seek sensitive information such as one-time passwords (OTPs), bank account details, identity card photographs and other personal data, authorities said.
The Cybercrime Police advised citizens to avoid paying any upfront fee for loan approval. People should also never share OTPs or banking passwords, click on suspicious links, install applications from unreliable sources or send personal documents to unknown people or organisations.
Authorities further advised borrowers to confirm whether a lending institution is legally licensed before applying. Citizens should carefully check loan terms and interest rates, use official sources to verify information and report suspected scams to the relevant authorities.
The department stressed that genuine loan providers do not ask borrowers to pay advance fees before approving a loan.
“Please join hands in combatting all forms of cybercrime,” the department said.
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