Warning Signs of Lending Scams

Keep Yourself Protected

iCASH is a trusted direct online lender and it concerns us when we hear reports of scammers using our name fraudulently. Here’s what you need to know to avoid being caught up in one of these schemes.

The way it works is that you might receive an email, text message or phone call from someone using our name or claiming to be associated with iCASH in some way. They may offer you a loan in return for an initial payment, usually on a prepaid card. Or they might say they are from a collection agency, and start threatening legal action on a loan which may or may not even exist.

You’re right to be suspicious if you receive communication like this. iCASH will never cold-call customers who have not applied for a loan and we do not require up-front payment to administer a loan.

Here are some steps you can follow to protect yourself and your finances:

1) Verify whether you have an account with iCASH

All customers who have ever applied for or held a loan from us will be able to log in to their online account from icash.ca. If you don’t have an account, this means you have never held a loan with us. If you do sign into your account, you will be able to view details of all current and past loans, so you can verify anything you need to.

If you are having trouble signing in or you are unsure about your status, you can go to our contact iCASH page or email us directly at [email protected].

2) Check exactly who is contacting you

If somebody contacts you about your loan or application and you are unsure whether they are a genuine representative of iCASH, ask them for their contact information (email address and/or phone number).
If these are not associated with iCASH then this is likely a case of fraudulent activity. You can contact us direct to verify these contact details, or to report any suspicious activity directly to us by sending us an email at [email protected].
Don’t give out any personal information to the person who contacted you until you are satisfied they are indeed from iCASH.

3) Contact us if you believe your identity has been stolen

You may be receiving a call from iCASH about your application because someone has stolen your identity and applied for a loan fraudulently using your name.

You may want to contact your local law enforcement, as well as your bank, to report the identity theft. It’s also a good idea to speak to the credit bureaus in case there are any unauthorized transactions on your report which need to be corrected. Below are links to the security departments for each credit bureau:

Experian: https://www.experian.com/freeze/center.html

Equifax: https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.js

Transunion: http://www.transunion.com/personal-credit/credit-disputes/credit-freezes.page

4) Let your bank know if there’s any suspicious activity in your account

If you spot any unrecognized transactions or other suspicious activity in your bank account, notify your bank straight away.

They will work with you to determine where the transaction has come from, whether it’s legitimate and what actions you might need to take to address it. Again, you can contact the police and credit bureaus as well.

To summarize, here are some signs of a scam to watch out for:

● You are contacted by someone pretending to be from iCASH asking to make a payment in order to have your loan approved or receive funds. We will NEVER ask you to do this.
● You are contacted by someone pretending to be a collections agent calls you to collect payment for an iCASH loan and threatens to take legal action if it’s not paid in full.
These pretend agents tend to use intimidating and unprofessional language.
● You are contacted by someone, posing as an iCASH agent and request confidential information such as banking details or social security number. This is a scam known as “phishing” which has become prevalent in Canada.

Under no circumstance should you give out your banking and personal details to anyone over the phone.