ASIC warns of loan scam
By
Adam Smith
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19/08/2011 5:00:00 AM
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ASIC has warned consumers over fake loan officers from two unlicensed businesses.
The businesses, Ezy Savings and Caveat Loans ITStrong, have offered home loans with an upfront fee. ASIC advised that consumers receive aggressive unsolicited sales calls persuading them to pay an advance fee to obtain a loan. When consumers pay the fee, the loan is not provided.
The regulator cautioned that consumers who pay the fee are not able to contact the business to recoup their money. It indicated that inquiries have established money paid by consumers is transferred overseas, and that the companies' phone numbers have been traced to an end-user in India.
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