A new wave of fraud is impacting those hardest hit by the recession. scammers are calling unsuspecting people and falsely claiming that they have defaulted on payday loans and are in danger of being arrested.The callers have been telling their victims that they're in positions of legal authority representing organizations with official-sounding names such as the "Financial Accountability Association" or the "Federal Legislation of Unsecured Loans." They threaten that adverse action will be taken if they don't pay immediately.
However, in reality the callers are just trying to get their victims to disclose their credit card numbers and bank account information to make payments on their phony debts. To make their stories more convincing, some of the scammers have managed to secure personal details about their victims such as identification numbers and previous addresses.
“Because the scammers have so much information about potential victims, BBB is concerned that this may be the result of a data breach,” says Steve Cox, a Better Business Bureau spokesperson, in a statement.
To protect themselves more effectively against fraud, consumers can avoid giving out financial information over the phone unless the are sure the transaction is secure. Referencing Better Business Bureau records or filing a complaint with them regarding suspicious activity can also guard against future problems.
To learn more about filing a complaint, visit this informational site. To get more information from the BBB regarding the latest payday loan caller scam, including telephone numbers they have reportedly called from, click here.
--Bridget O'Sullivan
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