Fraud Awareness

Beware of Loan Fraud: Key Points to Remember:

  • Upfront Fee Scams: The Money Platform and other legitimate lenders will never ask for a payment before issuing a loan. Watch out for requests to pay loan fees or insurance costs upfront—this is a common tactic in loan fee fraud.
  • Impersonation Tactics: Scammers might use names and branding similar to ours and other reputable lenders to deceive you. Always double-check email addresses, website URLs, and spelling to ensure authenticity.
  • Unexpected Contacts: Be cautious if you receive unsolicited loan offers via phone, email, or social media. Verify the identity of the lender through independent contact details and not those provided in the communication.
  • Pressure to Pay Quickly: Fraudsters often create a sense of urgency to rush you into paying fees without proper consideration. The Money Platform does not do this. Genuine lenders allow time for decision-making.
  • Verify Lender Credentials: Before engaging with a lender, check the details against the Financial Services Register. Ensure that the contact details match what is officially listed.
  • Genuine Loan Fees: At The Money Platform, we do not request any fees to be paid separately from your monthly repayments. If a legitimate lender does require a fee, they must provide a notice detailing the fee structure and terms. Confirm agreement with the notice before proceeding.
  • Reporting and Prevention: If you suspect fraudulent activity, report it immediately to authorities like the Financial Conduct Authority or Action Fraud.
  • Red Flags to Watch For:

    • Unsolicited contact about financial opportunities.
    • Requests for quick payment decisions.
    • Demands to download software which could be harmful.

    Action Steps:

    1. Stop: Think over offers carefully.
    2. Challenge: Research the legitimacy of the offer.
    3. Protect: Contact us if you suspect fraud.