Many Pennsylvanians may find themselves looking for solutions to a cash crunch during the holiday shopping season. However, Pennsylvania’s Secretary of Banking and Securities Robin L. Wiessmann urges consumers to avoid the “pay upfront scam” for bogus loans or credit cards.
Wiessmann explains how this scam works:
Wiessmann points to three strategies that can help consumers avoid being robbed by upfront payment scams:
“I cannot stress enough that consumers are taking excessive risk by doing business with unlicensed, out-of-state lenders,” said Wiessmann. “Lenders licensed by the Department of Banking and Securities know Pennsylvania law and understand how they should treat their customers.”
In wrapping up the department’s “Holiday Scam Protection Week,” Wiessmann urges consumers to be informed. Know the “red flags” of scams and fraud and who you can contact if you believe you are a victim. Check out the publication: “Scams: Protect Yourself. Protect Your Money.”
“Although scams may take different forms, the underlying method is often the same: preying on emotions, circumstances, or lack of knowledge to take financial advantage of another party,” Secretary Wiessmann added. “Consumers and businesses cannot afford to take every financial opportunity or transaction at face value. This holiday season, everyone is going to have to be more diligent and investigate before investing their money or sharing personal or financial information.”
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