Home Restaurant Profit WKYT Scam Week | Online Payday Loans Look Legitimate, But Could...

WKYT Scam Week | Online Payday Loans Look Legitimate, But Could Launder Money

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Jamie Akers of Commonwealth Credit Union said that WKYT’s Miranda Combs online payday loan sites are attractive to many because people can get their money fast. “They get it online because they can get the money in 30 minutes,” she said.

The credit union has a training space, which is mainly used to teach staff to deal with scams. Akers said his goal was to stay ahead of the money thieves. “We’ve had many instances where this has happened. And we’re not talking about small amounts, $ 10,000, $ 20,000!” She said that online payday loan sites are fast, but often times they are bogus. “It may say a reputable name of a financial institution, but it really is a scam.”

Akers said it usually works like this: The payday loan site will ask you to fill out some paperwork and give your social security number. They then respond to you within 20 or 30 minutes and tell you you’ve been approved. Then they ask for your banking information. Akers said, people give it away. “So when they give it away, your whole account is wide open.”

And then, she said, they add another tantalizing twist to the scam. “They’ll email you and say, ‘Oh, would you like to improve your credit score? And of course, what are you going to say? Of course if I have bad credit I want it to go up. “She said,” Payday lenders who are crooks love mobile banking, where you capture a check with your phone and they immediately have access to your account. “

“It’s money laundering, it’s what it is,” Akers said.


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