The internet is fast becoming an uncensored area where you have to look out for yourself every day. Even as you do this, other people, too, are planning new ways to sway you and get your possessions. This is why you must constantly be aware of spotting these illegal online ventures.
One of the ways these illegal online activities are being carried out is through loan scams. Since people know that others are desperate to attend to their loans, they simply leverage this desperation and use it to scam others.
But then, this doesn’t have to be. To help address this, F.H. Cann & Associates has partnered with different student organizations for a campaign against common loan scams.
In this interview, F.H. Cann & Associates shares tips on how to avoid these common loan scams.
What have you noticed about loan scams, and what are you doing regarding them?
It won’t be difficult for anyone conversant with recent happenings to notice the cries of people online about loan scams. But, unfortunately, day by day, they fall victim to online student scams.
For us, we are committed to educating people about these scams. We believe that by doing this, people will be more knowledgeable on how to avoid these scams.
Do you think if these scams are not addressed, it would get out of hand?
Yes, that is absolutely what we think. Where criminality is not addressed, it soon gets out of hand.
While the appropriate authorities are doing their best to bring these scammers to book, we are also doing our part.
You partnered with various student advocacy agencies to launch the #DontBeFooled campaign, can you tell us what you intend to achieve with this?
Yes, we intend to sensitize people about the common ways they can be scammed. The campaign responds to the outcry of people falling victims of some fraudulent online loan assistance packages. It will disseminate information on how people can identify these scams and avoid them.
Student loan scams are on the rise! If someone tells you that you are eligible for loan forgiveness without even being familiar with your case, it’s probably a scam. #DontBeFooled protect yourself and report illegal activity. Visit https://t.co/fUbQGgOWLS for more info. pic.twitter.com/yJnE9o2Jyj
— FH Cann & Associates (@fhcann) April 30, 2021
What are these common loan scams?
Loan scams are growing in bounds every day. Though there are new ways that these scams are being applied, there are still some common ones that we have noted. They include:
- The elevated promise of loan forgiveness or loan programs.
- Persuasion for secret pins and details
- Persuasion for a fee
As far as we know, they top the list of the most common ways people are being scammed.
What are the tips on how to avoid them?
These common loan scams have become more prevalent nowadays that an average person can easily fall for them. But then, there are some tips that you can always take to your advantage and avoid these scams. Some of these tips are:
- If It Sounds Too Good To Be True: Many people are desperate to have their loans cleared. Because of this, they fall for scams that are too good to be true.
For instance, if someone tells you that you are eligible for loan forgiveness without even being familiar with your case, you should know that such a person only wants to scam you because the deal seems good to be true.
- Being Asked For Secret Pins And Details: One thing you should know is that legitimate organizations would not ask for your FSA pin or service provider. Hence, you should run a mile where you see that a third party is asking you for all or some of your secret details.
If you give anyone your pins, it will be compromised, and you will have to bear the brunt for it. You details belong to you alone.
- Being Asked For A Fee: It is probably a scam if you are asked to pay a fee before forgiveness program, consolidation, and lower payment options. All these programs are free and do not require a fee.
Hence, if you are asked for a fee for any of them, please be on the alert that it is probably a scam.