Increase in Fraudulent Loan Scams

Many Canadians are experiencing financial hardship as a consequence of the current pandemic. While funding options are available through the Government of Canada, some Canadians are looking for loans.

Unfortunately, the reporting of fraudulent loan websites is increasing. These websites are designed to look like legitimate lending institutions. Their fraudulent loan applications are used to collect your personal information. This can result in identity theft and fraud. Once quickly approved, the fraudsters will request a fee to secure the loan. The victim never receives any money.

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