Loan Scams

When times are tough, the promise of quick cash can feel like a lifeline. Unfortunately, scammers know this, and they’re targeting individuals with fake loan offers designed to steal your money and personal information. At C&F Bank, your security is our priority. Here’s what you need to know to spot and avoid these scams.

Common Loan Scam Tricks:
  • Unusual Payment Requests
    If someone asks you to verify your account by purchasing gift cards or sending money via Bitcoin ATMs, it’s a scam. Legitimate lenders will never require these methods.
  • Fraudulent Check Deposits
    Scammers may send you a check and ask you to deposit it, then ask you to return part of the funds. These checks are almost always fake and will bounce, leaving you responsible for the loss.
  • Impersonating Real Companies
    Fraudsters often claim to represent well-known lenders. While the company name may be real, the person contacting you is not. Always verify directly with the company using official contact information.
Red Flags to Watch For:
  • Mismatched Information
    If the check you receive is not from the loan company, that’s a major warning sign.
  • Poor Grammar and Spelling
    Loan documents with lots of errors are a strong indicator of fraud.
  • Requests for Sensitive Information:
    Scammers may ask for images of your account information or try to move the conversation to encrypted apps. Legitimate lenders will never do this.
How to Protect Yourself:
  • Verify the lender’s identity through official channels.
  • Never send money or gift cards to “verify” your account.
  • Be cautious of unsolicited offers, especially those that sound too good to be true.
If something feels off, trust your instincts. Contact C&F Bank or your financial institution to verify before taking any action.