Urgent Scam Alert: BBB Warns CT of Loan Phishing Calls

URGENT ALERT: The Better Business Bureau (BBB) has just issued a warning to Connecticut residents about a dangerous loan scam targeting consumers. Reports indicate that scammers are impersonating a financial entity called J Morgan, making unsolicited calls to residents with offers that sound “too good to be true.”

In the past week alone, the BBB has received nearly two dozen reports through its Scam Tracker, with victims from cities including Bristol, Middlebury, New Haven, Granby, and Norwich. Victims report receiving calls from a woman named Erica Hayes, who claims to finalize a loan they never applied for.

The recorded message is alarming: “I’m trying to get hold of you before the end of the year. Your file shows nearly approved for $60,000.” This is a classic example of an advanced fee loan phishing scam, where victims may feel pressured to act quickly.

The BBB emphasizes the serious implications of such scams. “No matter how much you need a loan, beware of companies that guarantee loans without reviewing your credit history. These organizations typically charge upfront fees, only to disappear once they have your money,” the BBB stated.

In an alarming trend, these scammers often use tactics to sound convincing, such as referencing past loan applications or claiming changed underwriting conditions. Victims are urged to be cautious.

What to watch for: The BBB outlines key red flags to identify these scams:
1. **Upfront fees:** Legitimate lenders will not request payment before processing a loan. Any upfront fee is a warning sign.
2. **Unusual guarantees:** Real lenders will assess your credit and financial situation before offering a loan. If someone guarantees a loan without this process, it’s likely a scam.
3. **Research:** Always verify the legitimacy of the company by contacting them directly using official contact information.

Residents are encouraged to report any suspicious calls or messages to the Better Business Bureau’s Scam Tracker immediately.

This urgent warning serves as a reminder to stay vigilant while seeking loans, especially during this time of year when financial pressures can lead individuals to take risks. Protect your personal information and finances by staying informed and cautious.

As this story develops, consumers are urged to share this information with family and friends to prevent further victimization. Stay safe and informed!