Lending scams on the rise as fraudsters target struggling debt seekers

Industry News | 30/06/20

Warnings over faux lenders have almost doubled during lockdown as credit scam fraudsters target people who are struggling financially due to coronavirus. The number of warnings published by the City watchdog related to so-called “subprime lending” and debt management scams has increased by 85pc over the last three months, according to analysis of Financial Conduct Authority alerts by accountants BDO.

There were 24 warnings published on the regulator’s website relating to unregulated firms and suspected scammers between March and June, up from 13 recorded at the same time last year, as unscrupulous con artists attempted to capitalise on heightened financial anxiety.

Source: The Telegraph