Beware of scammers advertising 'loan offers' via social media, text messages, say police

KUALA LUMPUR: Don't be fooled by loan scams, say police.

Bukit Aman Commercial Crime Investigation Department (CCID) deputy director Senior Asst Comm Willey Richard said the scammers would advertise their "loan offers" using the names of various bogus money lending companies.

"The syndicates would use various mediums to entice their victims. Among the platforms used are Facebook, WhatsApp, WeChat, on social media sites and via text messages," he said in a Facebook post on the CCID's official page on Sunday (Jan 24).

A member of the syndicate would then contact the victim to supposedly begin the loan application process, he added.

"Various finance charges will be imposed including processing fee, stamp duty and payment for lawyer services. After the payments are made, the victim will still not get their loans," SAC Willey said.

In certain cases, the syndicate would even use their victim's bank account as a mule account to receive funds from other victims, he added.

SAC Willey advised the public to be vigilant if they come across loan advertisements by checking with their family members or relevant authorities.

"Check first to see whether the loan company really exists. Only deal with licensed money lenders. Never disclose your personal or banking details to unknown individuals, who only deal with you over the phone," he said.