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Friday, 1 August 2008

Beware of unsolicited loan offers

Loan scams are a another variant of the advanced fee fraud scam (e.g. fake lotteries, dead dictator's fortunes etc). These seem to be more popular recently due to the "credit crunch". Fundamentally the approach is the same as any other advanced fee fraud: you apply for the loan only to discover that there is a fee payable up front. Of course, no legitimate lender would ask for an up front fee for a loan.

Although the wording for this particular example sounds like it is from Nigeria, the IP address is from the Hathway network in Bangalore. Oddly from "from" address is Hathway too.

From: ramanks@hathway.com
Date: Thu, July 31, 2008 8:14 pm
Priority: Normal

Dear Customer
We are corporate lenders. we give out loans to
A very honest and reliable personalities. we give
out our loans at low interest rate and moderate
values as cheap as 3% rate. Because of scam
we tender our qualifications if it satisfies, you
can continue with the transaction, but if you are
not satisfied you can go to another lender.
Channel your response to this email.
Greatest Regards
Marketing Manager
Mr Thomas Steve.
Although this particular one is pretty laughable, it is likely that the scammers will get better at it. Beware of unsolicited loan offers and remember that all fees and interest will come out of your repayments, not from an up front fee.

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