FED warns US consumers about loan scam

WASHINGTON, DC - The Federal Reserve Board has alerted US consumers to the "questionable solicitations" of fraudsters promising personal loans through a non-existent Federal Reserve lending programme. The fraud allegedly targets individuals who are told they can work through a broker to access a Fed-run programme that extends large secured loans to consumers. Members of the public are then encouraged to deposit personal funds into a bank account as a security deposit to receive the loan.

The Federal Reserve has reminded consumers that it does not directly sponsor consumer lending and strongly urges people to verify the legitimacy of loan providers before entering into a transaction.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here