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Being aware of financial fraud this Christmas

Community 2 min read

06 Dec 2021

Recent messages from the Garda National Crime Bureau have been focused on financial fraud coming up to Christmas time. In particular they are cautioning the public regarding an on-going fraud which involves websites offering unsecured loans.

Websites purporting to be regulated by the Central Bank of Ireland and are offering users the opportunity to avail of a loan which can be processed quickly. The process of this scam, sees the applicant fill out an online application to apply for a loan. Shortly after, they will then receive a call or communication informing them that their application is approved. They will also be asked to provide a sum of money to secure the loan.

There are said to be a different number of reasons given for the fee to secure the loan, such as set up cost, insurance on the loan amount, or paying the first installment off the loan. This may be listed as essential to show that you can meet the repayments on your loan.

For this fraud to be completed, the fraudsters in question will ask for your bank details, which you should never give out over the phone. Some unfortunate victims will think that the company are legitimate and could then find their account being used to launder money without them being aware.

At your local credit union, we’re all about people helping people. For over 60 years, we have been present in communities, providing affordable financial services to those who need it most. Credit unions offer big loans, small loans and everything in between and pride themselves offering not for profit financial services. Any profits made are reinvested into the local community, so everyone benefits.

Credit unions also offer the It Makes Sense Loan, which is an initiative from credit unions and a number of stakeholders to the growing money lender problem in Ireland. All of these stakeholders are committed to putting a sustainable low cost credit solution in place for those who rely on social welfare. Find out more about the It Makes Sense Loan here.

So, if you find yourself in need, talk to us today, we have range of services on offer to help our members. And most importantly, you will always be greeted by a real person, who has your best interests at heart. Talk to us today, we are here to help.