Drivers warned over scam costing motorists £100s – what it is and who’s at risk

LOAN experts have warned drivers about a terrifying scam that’s costing motorists £100s.

Personal loans remain an extremely popular way for people to buy used cars in Britain, putting motorists at risk.

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Experts at Little-Loans.com have also analysed data to determine the individuals most likely to be targeted by scammers.

Scammers are pretending to be representatives of legitimate loan lenders and credit brokers to fool unsuspecting drivers.

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They usually make customers believe they are representatives from Little Loans. com or CashFlex.co.uk to scam Brits out of money.

Having analysed data from May to August 2022, Little-Loans.com discovered that more than half of the victims were female.

Digging deeper, most of the victims rented accommodation but had full-time jobs.

Some 39% of the people scammed were living in rented houses, 23% were council tenants and 19% were living with their families.

More than half of those scammed were full-time workers, 13% received Universal Credit and only 9% were self-employed.

Londoners were the most targeted victims, followed by people from the West Midlands and Manchester.

Alex Kosuth-Phillips, customer services manager at Little-Loans.com said: “The increase in scam reports seems to coincide with the emergence of the cost of living crisis.

“We suspect that the scammers have sensed an opportunity to scale up their efforts at a time when a far greater number of people may be feeling the pinch and needing quick access to credit. 

“Sometimes victims will contact us to verify that the offer is legitimate, which is great as we can then immediately let them know it is a scam and that they should not continue their contact with the supposed representative.”

If you suspect you’ve been targeted, drivers are urged to speak to the Financial Conduct Authority (FCA).

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