BBB: Beware of scam calls from a loan processing company
The Better Business Bureau (BBB) is warning consumers about an alarming increase in harassing phone calls and voicemails from scammers posing as loan processing company representatives.
These con artists, often using the name “Jessica,” attempt to deceive people into divulging sensitive personal information, even if they have never applied for a loan.
“This is an advanced fee loan phishing scam gone wild,” said Steve J. Bernas, BBB president and CEO. “People report receiving multiple daily calls, often from different phone numbers, but with nearly identical voicemail scripts. The caller insists they must verify details, such as your income, to finalize your loan application. While the message may sound convincing, it’s a ruse to steal your private information.”
Realistically, there is no loan, and returning the call could lead to scammers collecting sensitive information, such as your Social Security number, bank account details, or other personal data, Bernas warned.
How the scam works
The caller says they’ve been trying to contact you about your loan application and need to verify some final details to complete your approval, although, more than likely, you never applied for a loan. They provide a callback number and application ID to make the message seem legitimate. The voicemail emphasizes urgency, requesting you call back before a specific deadline to finalize the loan.
Between November 2024 and January 2025, BBB received more than 500 Scam Tracker reports of this scheme from across the United States.
Tips to avoid a loan processing phishing scam
• Verify the company’s legitimacy: If you’re contacted about a loan application you don’t recall submitting, hang up and do your research. Look up the company name online and contact them directly using verified contact information.
• Never share personal information with unsolicited callers: Scammers often ask for details like your Social Security number or bank account information. Avoid sharing sensitive information over the phone unless you initiate the call.
• Watch for red flags in voicemails: Be wary of messages with vague details, generic names, or urgent demands for a callback. Scammers often use scripted messages to target as many people as possible.
• Avoid calling unknown numbers back: Resist the urge to call the number back. Returning calls to unknown or suspicious numbers could connect you to scammers or result in unexpected fees.
• Check for scam reports: Look up the phone number or details of the voicemail online. Many victims post about similar scams to warn others.
• Report suspicious activity: If you believe you’ve been contacted by a scammer, report the incident to BBB Scam Tracker at BBB.org/ScamTracker.
Stay vigilant and cautious to protect yourself from phishing scams. If an offer seems too good to be true, it likely is.