Online scammers target the desperate with 'easy and quick loans'

ONLINE scam syndicates taking advantage of the strict requirements of bank loans are making a killing by fleecing people desperate for cash of processing fees with their "easy and quick loans".
In Kuala Lumpur alone, it is estimated that one person falls victim to these scammers every three days, according to China Press.
Advertisements on social media put out by these scammers invariably include such selling points as low interest rates; no guarantor or collateral needed; hassle-free application; those blacklisted by banks can also apply; and approval in just five to 10 minutes.
They target not only traders facing cash flow problems, but also those who just entered the work force, stressing that anyone with a basic salary of RM1,500 a month could borrow no less than RM5,000.
Kuala Lumpur Commercial Crime Investigation Department chief ACP Mohd Luthfi Ismail Abdullah told China Press that last year, city police received reports on 139 cases of bogus online loans involving a total amount of RM3.7 million.
He said reports on such cases started to come in only two years ago, but these cases have quickly become one of the top three scams in the capital.
Mohd Luthfi said scammers post their advertisements on Facebook and wait for their "preys", adding that most victims were desperate people with cash flow problems.
Knowing very well that these people need money urgently, the scammers tempt them to part with their processing fees with hassle-free loan offers before vanishing, he said.
He said although the amount is not big, it is an easy game for these scammers and also because the amount is relatively minor, most victims choose to not pursue the matter, allowing the scammers to get away with their crime.
Believing that the cases reported to the police were just the tip of the iceberg, Mohd Luthfi urged other victims to come forward to help police identify the masterminds behind such scams before more people suffer.