The warning signs
No checks at all
If an online lending site offers you funds without a credit check or a review of your financial history, treat that as a major alarm signal. In traditional finance, these checks are mandatory and protect both the lender and the borrower. The absence of these checks is often a clear sign of suspicious activity. Also be wary of offers that promise funds released quickly, often in less than 48 hours, because that can be a tactic to push you to act fast without thinking.
Promises that are too good to be true
The old saying “if it seems too good to be true, it probably is” is especially relevant here. Loan offers with high amounts or incredibly low interest rates are often lures. An interest rate that is abnormally low compared with the market is a clear warning sign.
How to check that a lending service is legitimate
Check the organisation’s address
Any serious company displays its physical address on its website. Check the legal notice page to verify it. If it is missing, or the address looks doubtful, those are alarm signals: look at other options.
Read online reviews and look at the organisation’s social media activity
A company’s reputation shows in customer reviews and in its activity on social media. A weak presence, or a page that was created recently, can be alarm signals about its reliability.
Check blacklists
There are blacklists of unauthorised financial entities, including the blacklist published by the Banque de France. Before any transaction, it is wise to consult these lists to make sure the company you are considering does not appear on them.
Security advice for your online transactions
Never share your login details
The confidentiality of your login information is vital. Never share it, and be wary if a third party gives it to you. Sharing login details is a common tactic used to access your funds or your personal information illegally. If you suspect a scam, change your passwords and contact your financial service.
What to do if you are the victim of a loan scam
Report the incident
The first crucial step is to report the incident to the competent authorities. That includes filing a complaint with the police and providing every detail you can: names, addresses, phone numbers, and any other information that could help the investigation. Keep every document, email or text message linked to the case. These items can serve as evidence.
- File a complaint: go to the police or the gendarmerie to file a complaint. Use the online pre-complaint to speed up the process.
- Call INFO ESCROQUERIES: for further advice, call the free INFO ESCROQUERIES service on 0805 805 817.
- Official report: use the French Interior Ministry’s official portal, internet-signalement.gouv.fr, even if you have not suffered a financial loss. That helps prevent further scam attempts.
Contact your bank
Contact your bank or your financial service provider immediately to tell them what happened. They can take steps to secure your account, such as blocking your payment card, and start an investigation into the fraudulent transactions.
The most common scams
Easy credit and intermediary third parties
In this type of scam, fraudsters promise you a loan with no credit check, or claim to work with a legitimate financial institution. They ask you to pay “application fees” or “insurance fees” in advance, or to transfer funds to a specific account. Once you have paid those fees or transferred the funds, the fraudsters disappear, leaving you without the promised loan and with money missing.
Credit brokers
In this scenario, a so-called “broker” promises to put you in touch with private lenders in exchange for a commission. After you have paid the commission, the broker disappears, and no loan is granted.
Debt consolidation
Here, fraudsters offer to consolidate all of your debts into a single monthly payment at a low interest rate. After you have paid initial fees, you discover that your debts have not been consolidated and that you are still responsible for all of your previous payments.
Special offers
Fraudsters send you an “exclusive” or “limited-time” loan offer to push you to act quickly. Once you have provided your personal and financial information, they use that data to commit fraud or identity theft.
PayTrip’s warning
PayTrip wishes to make clear that it does not offer loan or credit services of any kind and is not affiliated with any credit organisation. Any request to open a PayTrip account that is linked to obtaining a loan or credit should be treated as suspicious.
The company warns users against sharing account information or financial data with unauthorised third parties. When you open a PayTrip account, you must create your own login details and never give them to a third person or to any organisation.
PayTrip is committed to keeping its users’ data secure and confidential, and recommends the greatest vigilance during online transactions. If you suspect a scam linked to the use of PayTrip, you are strongly advised to contact PayTrip directly at this address: abuse@paytrip.fr.