Lending Education

Gone Phishing: A Primer on Lending Scam Awareness

Janus_coinYou know those fun emails you get from your parents, uncles, et cetera, the ones that might inspire an eye-roll or an attempt at a hilarious viral post? “With this one weird trick, an Ontario mom made $50,000 overnight! Banks hate her!”

I was on the receiving end of just such an email lately – I won’t say from whom. But it turns out that I was wise to click and give it a read. Like many Canadians in the past month or so, I recently went about the business of preparing my taxes, and have anxiously been awaiting my return in the mail. I was alerted to the presence of a scam operation using emails purporting to be from the Canada Revenue Agency – a blatant attempt at the type of identity theft commonly known as phishing. As so many people are keen to receive and optimize their returns, I could see the potential for exploitation in this kind of a scam!

Financial consumers are often made the targets of unscrupulous or illegal activities looking to prey on people’s desire to grow their investments or create additional cash flow. Be aware and keep clear of shady situations and lending scams along the path to your financial growth!

One of the most important things to remember about financial products in Canada is that any type of loan requiring an advance fee paid before you receive the loan balance is illegal. If anyone phones you claiming to represent Progressa (or any other financial services provider) and requests payment of a fee to authorize a pre-approved loan, it is almost definitely a form of lending scam.

‘Phishing’ scams are predicated on obtaining your personal information and banking credentials in order to commit other forms of fraud. At Progressa, we will only request certain documents that prove your residency in Canada and act as evidence of your income.

Going by a general maxim, if it sounds too good to be true – it probably is. At Progressa, we offer highly competitive financing terms that are designed to fit your needs – but we admit that we cannot promise you the moon and stars the way some online and print loan advertisements might. Be wary of these extremely optimistic providers! There might be seriously negative implications associated with their business practices.