Received a Tempting Credit Offer? Be Wary of Sham Credit Schemes!

Over recent months, the Financial Services and Markets Authority (FSMA) in Belgium has experienced a surge in inquiries regarding the activities of deceptive lenders targeting unsuspecting consumers. With the economic climate prompting individuals to seek additional financial resources, fraudulent actors are exploiting this vulnerability through various channels, such as unsolicited emails and social media advertisements.

Cloned Firm Fraud- A Growing Concern

In a concerning trend, fraudsters posing as authorized lenders or registered credit intermediaries engage in 'cloned firm' fraud. This involves the illicit use of names and logos of reputable credit institutions to offer fake credit to consumers. These scammers entice individuals with seemingly attractive loan conditions, claiming to provide substantial amounts at exceptionally low-interest rates, all without conducting credit checks.

Modus Operandi: Beware of Fictitious Costs

Consumers who fall victim to these scams are often asked to pay upfront costs associated with the credit, presented as insurance premiums, file handling fees, or administrative costs. Regrettably, these costs are entirely fictitious. Once the unsuspecting consumers make these payments, the fraudulent lender vanishes, leaving them with little recourse to recover their money.

The FSMA therefore strongly advises not to take up such credit offers.

The illegally operating companies against which the FSMA warns the public are as follows:

• Alle Financien (https://alle-financien.com/)
• Best Finance Group (https://bestfinance-group.com/)
• Cassert Financement (https://cassert-financement.fr/)
• Cosedoo (https://www.cosedoo.eu/)
• Direct Krediet (https://www.direct-krediet.com)
• Finance Enterprise (https://finance-enterprise.com)
• FSEI-GROEP (http://www.fsei-groep.com/)
• Hiterkredit (https://hiterkredit.com/)
• Kreditaas (https://kreditaas.com/)
• Leen-Dienst (https://leen-dienst.com/)
• ONG Aide Solution (https://ong-aide-solutions.com/)
• Onlinekrediethub (https://www.onlinekrediethub.com/)
• Oxi Financiel (https://oxi-financiel.com/)
• Pluskredite (https://pluskredite.com/)
• Sine Kredit (https://sinekredit.com/)
• Smart Krediet (https://smartkrediet.com/)
• Sodik Kredit (http://sodik-kredit.com/)
• Volda Financiering (https://voldafinanciering.com/)

FSMA's Recommendations to Identify Fraudulent Credit Offers:

• Sudden Unsolicited Credit Offers: Exercise caution if you receive unexpected credit offers online or through social media.
• Unusually Favorable Terms: Be wary of credit offers with highly favorable terms that deviate from standard practices, such as large loans with low-interest rates or extended repayment periods.
• Upfront Payment Requests: Stay vigilant if the lender requires upfront payments to cover alleged costs, as these are often fabricated.
• Legitimate lenders do not typically demand such payments.
• Verification of Authorization or Registration: Use the FSMA's website to verify whether the lender has the necessary authorization or registration to offer credit legally.
• Search for Testimonials: Conduct online searches to find testimonials from individuals who may have encountered similar credit offers. However, exercise caution as some testimonials may be falsely positive and posted by the fraudulent companies themselves

Bottom Line: Beware of Fraudulent Credit Schemes

In an era where fraudulent activities are on the rise, consumers must exercise increased prudence. If in doubt, it is recommended to reach out directly to the FSMA through their consumer contact form before making any payments. Additionally, individuals are encouraged to notify the FSMA of any encounters with suspicious companies that have not yet been flagged by the authority, contributing to a safer financial landscape for all.

This article was published in collaboration with The Financial Services and Markets Authority (FSMA)

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