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Scam letter posted within South Africa. An advance-fee scam is a form of fraud and is a common confidence trick.The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum.
The scammer tells the seller (victim) that to complete the transaction, the seller needs to upgrade their account to a business account. The scammer sends the victim a bogus payment notice for the item's price plus what they claim is a business account upgrade fee, then asks the victim to buy the upgrade from someone impersonating the payment ...
A fraudulent loan, however, is one in which the borrower is a business entity controlled by a dishonest bank officer or an accomplice; the "borrower" then declares bankruptcy or vanishes and the money is gone. The borrower may even be a non-existent entity and the loan is merely an artifice to conceal a theft of a large sum of money from the bank.
Whether your bank refunds money lost in a scam depends on several factors: the type of scam, how you sent the funds, the bank’s policies and if you authorized the transaction. Learn more in our ...
Small Business Administration loans are term loans or lines of credit partially guaranteed by the U.S. government. These loans have requirements and maximum interest rates set by the SBA. They ...
The most common government-backed small business loan with loan amounts of up to $5 million available. Money can be used for almost any purpose, including working capital, payroll, expansion and ...
Bank – the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. [5] The term applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft.
Loan type. Purpose. Best for. Term loans. Working capital and other short- and long-term business expenses. Businesses with expenses of varying sizes that need to be covered