The corporate watchdog called for consumers to look for the “classic warning sign” of a scam – treating any requests for upfront fees or insurance costs as suspicious, and ASIC Deputy Chairman, Peter Kell, said consumers need to pursue loans through the correct channels.

“Consumers should always take steps to make sure they are dealing with a legitimate business by only dealing with those they can reach through publicly available contact details, rather than accepting unsolicited offers of credit from lenders,” said Kell.

ASIC said the impersonators appear to be operating overseas, often using a replica website and mimicking the façade of Australian companies and Australian Credit Licence Holders, usually with altered contact details. After a loan enquiry is lodged online, the consumers receive a phone call or email from the scammers advising them they qualify for the loan, or are eligible for an increased amount.

A fake loan contract is then supplied with fake details of a genuine Australian Company Number or Australian Credit Licence number, with upfront insurance or fees demanded before the loan can be provided.

Some of these upfront deposits have been as high as $5,400 per consumer, and following these payments, the consumers never hear back from the scammers.

ASIC is generally unable to pursue matters of this nature where scammers are operating overseas but encourages affected individuals to report these matters in any case, to determine effective jurisdiction.

If you have any questions, contact me at rob@rwfs.com.au or call me on 0402 203 303.