There are so many scams on the Internet nowadays, send me RM100 and I will tell you how to avoid them :)
Loan scams is another type of scam which is on the rise on the Internet. The modus operandi of is the scammer will advertise personal loans on social media or ecommerce platforms (Facebook, Instagram, Tiktok, Linkedin, Mudah) and then get the victim to contact. Upon contact, the scammer will show namecard (fake) of the bank and asks for documentation to process the loan (eg payslip, photocop of ic, bank statements and EPF statements). After a few days, the scammer will inform victim that he/her loan has been approved and he/she needs to do payment for certain fee (eg advance deposit, insurance, tax, service charge, LHDN stamping) to complete the loan process. Sometimes, the scammer will claim that the victim's documents details is not eligible to qualify for the loan and asks the victim to pay a "service fee" to adjust their credit score to be eligible for the personal loan.
Before the victim sends in the fee, he/her account will seem to have been credited with the loan amount but that money is listed as "floating" giving the victim false impression that the loan has been disbursed. This gives the victim confidence to pay the "processing fee" to the scammer. However, the money will be reversed the next day leaving the victim with nothing. These "floating" amount are usually bounced cheques payment into the victim's bank account. A bounced check is a check that cannot be processed because the account holder has in sufficient funds available for use.
All information about the scammer is hidden and it is very difficult to pursue justice. The scammer's profile photo, phone number and bank account numbers are all from mule accounts which the scammer rented or ripped off.
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