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PROJECT: KNOCKS AND SCAMS - LOAN SCAMS

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Specialised Security Services warns the public never to pay money for a loan. This might seem incredulous,

but we continue to receive cases of people paying substantial amounts for loans.


When faced with financial difficulties, it is expected to feel panicked and helpless, leading some individuals to consider taking out a personal loan. Some people become trapped in a cycle of fees and struggle to get their money back, leading them to continue making payments in the hope of eventually seeing a return.


Our latest case involved an elderly gentleman who eventually paid R95,000.00 for a R40,000.00 loan.

The couple's life savings were being used to pay exorbitant fees for a loan that did not exist.

 

The "paying for a loan" scam is a fraudulent scheme targeting individuals seeking loans or financial assistance.


  • Initial Contact: 

    • Scammers may contact potential victims through unsolicited emails, phone calls, text messages, or online advertisements offering loans with attractive terms, such as low interest rates, no credit checks, or guaranteed approval.

    • They may claim to represent legitimate financial institutions, banks, or lending companies to lend credibility to their offers.

  • Request for Upfront Payment: 

    • Once the victim expresses interest in the loan offer, the scammer informs them that they need to pay an upfront fee or deposit to secure the loan or cover administrative costs.

    • This fee may be disguised as a processing fee, insurance premium, or collateral requirement. The scammer may pressure the victim to pay quickly for the purported opportunity.

  • False Promises: 

    • To further entice the victim, the scammer may make false promises about the loan, such as promising larger loan amounts or faster approval times if the upfront fee is paid promptly.

    • They may also assure the victim that the fee is refundable or will be deducted from the loan amount.

  • Payment Requests: 

    • After the victim agrees to pay the upfront fee, the scammer provides instructions on how to send the payment.

    • To avoid detection, they may request payment via wire transfer, prepaid debit card, cryptocurrency, or other untraceable methods.

  • Ghosting or Additional Demands: 

    • After receiving the upfront payment, the scammer may disappear and cut off communication with the victim.

    • Alternatively, they may continue to demand additional payments, citing unexpected expenses, processing delays, or other excuses to prolong the scam and extract more money from the victim.

  • No Loan Disbursement: 

    • Ultimately, the victim realises that they have been defrauded when the promised loan fails to materialise, and they are unable to recoup the money they paid upfront.

    • By then, the scammer has disappeared, leaving the victim with financial losses and no recourse for recovery.

 

RED FLAGS:


  • Unsolicited Offers: 

    • Be cautious of unsolicited loan offers received via email, phone, or text message, especially if you did not initiate contact with the lender.

    • Text messages or robocalls are usually an immediate red flag. Delete unsolicited text messages and hang up on robocalls.

  • Upfront Fees: 

    • Legitimate lenders typically do not require upfront payments or fees to secure a loan.

    • Be sceptical of any requests for payment before the loan funds are disbursed.

  • Too Good to Be True Promises: 

    • Be wary of loan offers that seem too good to be true, such as guaranteed approval, no credit checks, or unusually low interest rates, as they may be signs of a scam.

  • Pressure to Act Quickly: 

    • Scammers often use high-pressure tactics to rush victims into making impulsive decisions.

    • Before proceeding, take your time to research and verify the legitimacy of the loan offer.

  • Untraceable Payment Methods: 

    • Be cautious of requests to pay via wire transfer, prepaid debit card, cryptocurrency, or other untraceable methods, as scammers commonly use these to avoid detection.

 

By recognising these red flags and exercising caution when dealing with loan offers, individuals can protect themselves from falling victim to the "paying for a loan" scam. It is essential to verify the legitimacy of lenders, conduct thorough research, and seek advice from trusted financial advisors or consumer protection agencies before entering into any financial agreements.

 

Specialised Security Services invites the public to the Mike Bolhuis Daily Projects WhatsApp Group. This group is important in delivering insights into the latest crime trends, awareness, warnings and the exposure of criminals.


HOW TO JOIN THE MIKE BOLHUIS DAILY PROJECTS WHATSAPP GROUP:

  • Follow the link to our WhatsApp group:

  • "JOIN" to ensure you never miss our daily updates.

  • You will receive automatic notifications as soon as a new project is posted.

 
CONTACT MR MIKE BOLHUIS FOR SAFETY AND SECURITY MEASURES, PROTECTION, OR AN INVESTIGATION IF NEEDED.

ALL INFORMATION RECEIVED WILL BE TREATED IN THE STRICTEST CONFIDENTIALITY AND EVERY IDENTITY WILL BE PROTECTED.
 

Regards,

Mike Bolhuis

Specialist Investigators into

Serious Violent, Serious Economic Crimes & Serious Cybercrimes

PSIRA Reg. 1590364/421949

Mobile: +27 82 447 6116

Fax: 086 585 4924

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EXTREMELY IMPORTANT: All potential clients need to be aware that owing to the nature of our work as specialist investigators there are people who have been caught on the wrong side of the law - who are trying to discredit me - Mike Bolhuis and my organisation Specialised Security Services - to get themselves off the hook. This retaliation happens on social media and creates doubt about our integrity and ability. Doubt created on social media platforms is both unwarranted and untrue. We strongly recommend that you make up your minds concerning me and our organisation only after considering all the factual information - to the exclusion of hearsay and assumptions. Furthermore, you are welcome to address your concerns directly with me should you still be unsatisfied with your conclusions. While the internet provides a lot of valuable information, it is also a platform that distributes a lot of false information. The distribution of false information, fake news, slander and hate speech constitutes a crime that can be prosecuted by law. Your own research discretion and discernment are imperative when choosing what and what not to believe.


STANDARD RULES APPLY: Upon appointment, we require a formal mandate with detailed instructions. Please take note that should you not make use of our services – you may not under any circumstance use my name or the name of my organisation as a means to achieve whatever end.


POPI ACT 4 of 2013 South Africa: Mike Bolhuis' "Specialised Security Services" falls under Section 6 of the act. Read more here: https://mikebh.link/fntdpv

 
SSS TASK TEAM:
 
 

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Our mailing address is:

Mike Bolhuis Specialised Security Services

PO Box 15075 Lynn East

Pretoria, Gauteng 0039

South Africa

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