The public is today being warned by the Financial Intelligence Unit of T&T about online loan scams.

According to the FIU, these scams are being advertised online or via social media platforms.

Scammers imitate or replicate legitimate lending businesses’ websites or use similar email addresses and request upfront loan processing fees.

The FIU says legitimate lending businesses will not request an upfront processing fee as these are usually incorporated into the loan application.

Furthermore, it notes that if persons are unsure about legitimacy, they should consult with the trusted financial institution or lending business by visiting it in person or contacting it using established, official contact numbers.

The FIU is urging persons to report any fraud matters to the TTPS.