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How to avoid loan fraud

When it comes to looking after your personal safety and that of those in your local neighbourhood, it isn’t just physical threats we need to be aware of. With the rise in technology and the growing sophistication of opportunistic scammers, it’s important to have a conversation about how to protect your money.

One of the most prevalent financial scams is loan fraud. This is where criminals manipulate the loan process for their own gain, to either persuade victims to part with their money or steal personal information to take out a loan in your name. Unfortunately, there are certain groups that are naturally more vulnerable to falling victim to crimes of this nature. The elderly are particularly at risk, either due to their personal circumstances or a lack of understanding of modern-day scamming techniques.

Fortunately, there’s plenty of information out there to help everyone guard against these malicious crimes. Comparethemarket has produced this handy guide to loan fraud. It contains actionable advice on how to protect yourself from falling victim, information on how to recover after being targeted, and details of the legitimate loan process, so you know what to look out for if you’re ever suspicious.

By sharing this information with members of your local community, you’ll be playing your part in helping to keep everyone safe from the dangers of loan fraud and other financial scams. This guide presents all the necessary information in a way that’s accessible to everyone, so use it as a starting point to inform yourself and your community.