Protecting yourself from loan fraud

What can I do to protect myself from loan-related fraud and scams?

Be careful with emails and texts

Check the sender’s email address or number carefully before taking any action. Do not click on links or attachments in suspicious emails or text messages. If you are unsure, contact us directly using a known email or phone number.

Don't take out loans for other people

• You are responsible for the debt. If you take out a loan, the legal and financial responsibility to repay that loan falls entirely on you, regardless of who the money was intended for or who promised to repay it.
• It can damage your credit score if the person you took the loan out for fails to make repayments. Your credit score will be negatively impacted, making it difficult for you to obtain credit in the future.
• You could face legal consequences. In some cases, taking out a loan on behalf of another person – especially if it's for illegal activities – could have legal consequences for you, including prosecution or being barred from accessing other financial products.

Don't give anyone your account details

To prevent fraud, never give out your account security information. We will never ask for this type of information.

Don't pay any up-front costs

We don't charge any fees for securing a loan. If you are asked to pay any fees to secure a loan with us, it's a scam.

Monitor your credit file

Regularly check your credit file for any unrecognised entries and report suspicious activity immediately. You can contact the credit reference agencies we work with to get more insights into your credit file. Head to Equifax or Experian to contact them.

What are the different types of scams?

Impersonation scams

These types of scams involve criminals pretending to be a trusted organisation such as a bank, the police, a government department or a service provider in order to trick you into giving them sensitive information or money.

• Your bank or the police will never ask you to transfer money to a safe account or ask for your full PIN, password or passcode.
• The bank won't phone you and ask you to approve a payment – only approve payment that you know you've made yourself.
• Contact your bank or an organisation directly using a known email or phone number.
• Don't give anyone remote access to your computer or install any applications or software to your computer or devices following a cold call or unsolicited message or text.

Romance scams

Be wary of online relationships that move too fast. Scammers often try to build intense relationships quickly to gain your trust. They can also spend a long time building a relationship before requesting money or access to an account.

If you've never met someone in person, do not send them money or allow them access to your accounts or devices.

Investment scams

These types of scams happen when someone tricks you into giving them money for fake investments. They promise money back with little or no risk. In reality, they take your money and you can end up with nothing.

Be wary of:

• Investments you didn't ask for, especially from phone calls, emails, or social media.
• Secrecy and complexity: if the investment is hard to understand or the person is secretive, it's a warning sign.
• Guaranteed returns: no investment can promise a return. "Risk-free" investments are usually scams.
• Unlicensed sellers: check if the seller is licensed. Illegal sellers are often scams. Check the FCA list of unauthorised businesses which is updated regularly.

What do I do if I think I've been the victim of fraud?

If you believe you've been targeted by scammers, call us immediately on 0808 502 2414. You can choose to report it to Report Fraud too. You can also register with Cifas to place a protective marker against your name in the National Fraud Database, which prompts organisations to perform extra checks when your details are used to apply for products or services.