PayDayLoansOnline.net Publishes Informative Article on New Payday Loan Scam

HOUSTON, May 1, 2013 /PRNewswire/ --

PaydayLoansOnline.net, the leading consumer finance site and short loan aggregator, has announced the publication of a new article on a payday loan scam that was investigated and dismantled by the Federal Trade Commission. However, due to the pernicious nature of the scam that targets individuals who have made inquiries into short term loans or applied for them, the site has decided to publish the article to increase consumer awareness and vigilance over possible "copycat" scams that might emerge in the aftermath.

The scam mentioned in the article operates by obtaining personal details of consumers. These pieces of information are purchased from illegal information selling websites in bulk and give the scammers insight into individuals' financial activities. Armed with details of the consumers' last application to a payday lender and the bank details, the article explains how a sophisticated criminal gang made phone calls to consumers threatening them with jail time or arrest if they did not repay their loan immediately over the telephone. The Federal Trade Commission dismantled one of these operations in what was reported to be one of the biggest of its kind.

PaydayLoansOnline.net announced the publication of the article in the following statement that was released to the press.

"PaydayLoansOnline.net is committed to bringing forth attention into the consumer realm that helps people avoid falling into the many scams that proliferate within the short term loans industry. We have written and published a new article exposing an information selling scam, which shows just how much information it is possible to buy online and use for nefarious purposes."

The statement continued, "Consumers need to remain cautious and should be careful about which pieces of information they confirm or volunteer over the telephone, and should only use pay day loan sites with strict privacy policies.PaydayLoansOnline.net will never sell consumer information to third parties and takes your security very seriously."

The article gives details of what steps consumers should take if they suspect they have received a bogus call from a phony organization. The Federal Trade Commission actively follows up on all leads that are reported.

PaydayLoansOnline.net is a McAfee Secure™ site with SSL encryption. To read the article, visit: http://www.paydayloansonline.net/dentity-theft-and-payday-loan-scam/

Contact:
Sam Milo :
Tel: +1-678-666-0100
[email protected]

SOURCE PaydayLoansOnline.net

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED