Urgent warning over loan scam hitting millions of Americans' inboxes... here's how to spot it

Loan scams delivered via text message are a rapidly increasing form of SMS fraud targeting millions of Americans, particularly those facing financial difficulties. These scams exploit financial stress caused by factors like inflation, rising rents, and debt by offering seemingly easy loans with instant approval and no credit checks. Scammers use sophisticated tactics, including AI-generated messages and websites that mimic legitimate lenders, and even leverage personal data obtained from leaks to make their offers appear convincing. The scammers' goal is to trick recipients into clicking links that lead to fake websites designed to steal sensitive personal information such as Social Security numbers, driver's license details, and banking information. They also exploit publicly available property and mortgage data to create personalized fake refinance offers, making the scams seem more credible. Red flags for these scams include unsolicited offers of pre-approval, promises of no credit checks, unrealistic rates or loan amounts, pressure to act quickly, and requests for sensitive information upfront. To protect themse... download the app to read more