MEMPHIS, Tenn. — For anyone looking for a loan, it’s important to be able to distinguish a legit provider from scam artists.
The BBB told ABC24 it has received 11 reports of loan scams in the last two weeks. They said one Memphis man lost $1,200 over the holidays to someone who emailed and called claiming to be with a real loan company, but was actually an imposter. The BBB said another Memphis senior lost $1,600 when she received a phony email and loan document spoofing a well-known local bank. They said she followed all the instructions, and even thought she had vetted the offer, but it was a scam.
Here’s how the scams typically work:
Here’s how to spot the scam: