WSJ: ‘Advance-Fee Loan Scheme’ Complaints on the Rise
According to a Wall Street Journal report, “advance-fee loan schemes,” as the swindle is known, have been around for years, but government officials are saying they have been receiving more complaints about such crimes in recent years.
The Journal notes that the scam has intensified since the financial crisis, as banks tightened lending standards, making it more difficult for small businesses to obtain financing.
The Journal said, according to the Federal Trade Commission, in 2013, there were a record 53,833 complaints about advance-fee loans and credit arrangers filed by entrepreneurs and consumers to the government agency, up from 43,070 in 2012 and 44,504 in 2011.
To read the entire WSJ article, click here.