The Financial Conduct Authority (FCA) is today urging the public to be alert to the growing threat of loan fee scams targeting borrowers. This plea comes as last year over £3.5 million* was lost to loan fee fraud and reports to the FCA consumer helpline increased by 44%**. Victims of loan fee fraud are often targeted while searching for loans online and are then contacted by fraudsters offering a loan. The scammer tells the victim they have to pay an upfront fee for the loan which they ultimately never

Source: FCA warns public of increased threat of loan scams, as borrowers lose over £3.5 million a year | FCA