Scrutinise any payment demanded to unlock promised funds

An advance-fee loan scam may begin with easy approval and then introduce a payment supposedly needed to release the funds. Once that amount is sent, another obstacle and another fee may appear. Requests for gift cards, cryptocurrency or transfers to an unrelated individual deserve particular scrutiny. Do not rely solely on a professional-looking document or a caller who knows information already entered into an online form.

Verify contact details outside the message received

The Canadian Anti-Fraud Centre describes loan-scam patterns and the steps to take after suspected fraud. Verify the organisation using contact information obtained independently, and compare any proposed fee with the actual written service and agreement. Legitimate disclosed costs in some financial transactions do not make an unexplained release payment credible. If money has already been sent, contact the bank or payment service immediately, preserve messages and receipts, and report the incident without paying a second company that promises guaranteed recovery.

Stop escalating payments when the explanation changes