You may have recently received a text message or email saying you have a loan application in progress, your funds are on hold, or additional information is needed to complete a loan.
If you never applied for a loan, that can be concerning. But don't click the link or respond to the message.
A wave of loan-related phishing and “smishing” scams is using fake lending names and convincing messages to encourage people to provide personal or financial information. The Federal Trade Commission has warned consumers about unexpected texts claiming to follow up on loan applications that recipients never submitted.
What do these messages look like?
Consumers have reported receiving unsolicited messages using names such as LendAFriend, NextCheck, CheckGo, JustBorrow, Bravaro, Bravara, Borrowly and Fintara, among others.
The names and wording can change, but the messages often follow a similar pattern. They may say:
- “Payment Update”
- “Your funds are on hold”
- “Your application is awaiting your final review”
- “Additional information is required to complete your loan”
- “Our review team just gave your request the green light”
The message may then direct you to a “secure link” to review your application, verify information or complete the loan process.
If you didn't apply for a loan, don't click the link to find out what's happening.
What are scammers trying to get?
These messages are designed to get you to engage with the sender or visit a fraudulent website. You may be asked to provide:
- Your Social Security number
- Bank account or debit card information
- Date of birth
- Income or employment information
- Online account login information
Some scams may also ask you to pay an upfront “fee” before supposedly releasing loan funds.
Receiving one of these messages does not necessarily mean that a legitimate loan exists or that someone has already opened an account in your name.
Scammers can obtain contact information from data lists, information submitted through online forms, previous applications or data breaches. They can then use that information to send messages to large numbers of people.
The risk comes when you engage with the message and provide sensitive information or financial details.
What should you do if you receive one?
1. Don't click or reply
Don't click “secure,” “review,” “verify” or “complete application” links in an unexpected loan message. Don't reply to the message, even if it asks you to confirm whether you applied for the loan.
Instead, report the message as spam or junk and delete it.
2. Don't call the number provided
A message may tell you to call a phone number to cancel an application or speak with a representative.
Don't use that number.
If you believe the message could relate to a legitimate financial account, contact the financial institution through a website, mobile app or phone number you already know is legitimate.
3. Block and report the sender
Use your phone's Report Junk or Report Spam feature and block the sender.
You can also forward unwanted text messages to 7726 (SPAM). For emails, use your email provider's spam or phishing-reporting tools.
You can also report suspected scams to the Federal Trade Commission at ReportFraud.ftc.gov.
4. Consider a credit freeze or fraud alert if your information may have been compromised
If you believe you've provided personal information to a scammer or your information may have been compromised, you can consider placing a free credit freeze or fraud alert.
A credit freeze can make it more difficult for someone to open new credit accounts in your name. Receiving a suspicious text by itself does not mean you need to freeze your credit, but it may be worth considering if you have reason to believe your personal information has been exposed.
5. Monitor your accounts and credit reports
Continue to monitor your bank and credit card accounts for unusual activity. It's also a good idea to periodically review your credit reports for accounts or inquiries you don't recognize.
If you find something suspicious, take action promptly and consider visiting IdentityTheft.gov for additional guidance.
What if you're a Lisle Savings Bank customer?
If you receive an unexpected message that appears to be from Lisle Savings Bank, but you're not sure whether it's legitimate, don't use the link or phone number provided in the message.
Instead, contact us through an official channel you already know is legitimate, such as the Bank's website or a phone number you have previously used. When visiting our website, look for our .BANK domain, an added security measure for financial institutions. You can learn more about why we use a .BANK web address here.
Our team is always happy to help if you have concerns about your accounts or a message you believe may involve the Bank.
When in doubt, stop and verify
Scammers want you to react quickly. A message about a loan application, payment or funds being held can create a sense of urgency that makes it tempting to click before you stop and think.
You don't have to.
If you didn't apply for the loan, don't click the link, don't reply and don't call the number provided. Report the message, block the sender and delete it.
And if you're concerned about your Lisle Savings Bank accounts, contact us through an official channel. We're here to help you protect what matters.