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Watch Out for Web Fraud

October 1, 2007

A Web-based company has offered me a loan. I’m required to send $2,500 to the company’s account via wire transfer before the company sends the loan amount of $50,000. Is that right?

Question: A Web-based company has offered me a loan. I’m required to send $2,500 to the company’s account via wire transfer before the company sends the loan amount of $50,000. Is that right?

Answer: The scenario you describe is classic fraud. Never extend cash to get a loan, especially to an online company via wire transfer. You are very unlikely to get your loan money back. I would definitely not proceed. Visit a reputable brick-and-mortar bank in your area instead.