Change
is life - everything around us changes with time.
Export marketing through Internet was un-imaginable
even few years back - today we find the medium
so useful. A few years down the line - overseas
marketing without Internet will be un-imaginable.
Fraudsters understand this fact and change like
chameleon with time. They find a golden opportunity
in Internet to defraud across the globe. Cheap
access and free e-mail has made globalization
of their con game so easy !
During late 1990s - we saw fraudsters taking
to Internet in various shades and flavours. Some
of these tricks are just on-line replica of age
old con games while others more ingenious.
We document here more examples of on-line frauds
and abuses
Loan Scams
How do you feel to be offered an extremely lucrative
un-secured loan for your business ? Specially,
if the offer comes from an unknown but respectable
sounding overseas bank or financial institution.
Even better - the loan comes to your lap without
scrutiny of your financial status or any such
pre-condition
Before you say 'Celebration' - please check the
offer carefully, specially the fine print.
In all probability - you will have to pay an
advance fee to become eligible for the loan. The
rider comes in many shades and flavours - registration
fee, attorney's fee, processing fee, application
fee, first month's payment etc. etc.
And of course - after paying the fee you find
the lender has vanished. This is an age-old scam
- now circulating through Internet.
Talk to your own bank about a loan before considering
other sources. You're more likely to get help
from a financial institution that you already
have a relationship with than from someone who
doesn't know you or your business.
Don't believe advertisements promising loans
regardless of past credit problems. If you have
bad credit, it's unlikely that any legitimate
bank or other financial institution will give
you a loan.
Be especially wary of unsolicited calls, e-mails
or letters offering you a loan. You could be the
target of someone who wants to take your money,
not lend it.
Once you fall for a loan scam, the crook may
try to get even more money by telling you to send
another payment to a second company to complete
the loan process.
Before you sign on the dotted line, get all loan
terms in writing, including the payment schedule
and interest rate. If the lender isn't familiar
to you, check its background - consult your banker.
Remember - legitimate lenders do not need advance
fee for sanctioning loan. They are likely to be
more concerned with your repayment capability
than collecting a small advance fee.
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