With the rising demand for online financial services, one scam may be taking the world by storm.
Read moreThe scam, called “Viacom’s Viacom Loan,” was a scam that promised to loan $250,000 to people who paid $3,500 or more.
According to a news release from the National Consumer Law Center, the scam involved Viacoms website and mobile applications, and required that borrowers pay a $250 “coupon.”
The National Consumer League said that it received “hundreds of complaints” from people who had been defrauded by the scam.
The Consumer Law Coalition, a non-profit advocacy group, also reported that over the last three years, at least 1,100 people had been targeted by the Viacoma Loan.
The scam has become a huge problem for companies, particularly for people who have never dealt with a loan before.
Some companies have also reported a spike in fraudulent transactions.
According to a recent report by The Wall Street Journal, the Viscos Viacos loan service, which launched in late 2018, was used by “several million Americans.”
The bank said that Viacome loan programs were launched with the purpose of helping consumers obtain their loans and also “to encourage the rapid growth of digital consumer credit.”
The company said that “Viscom Loan was developed to provide credit to borrowers in emerging economies and to support entrepreneurs in developing countries, but it has become apparent that the Viskom Loan program has been misused by criminals in Africa and elsewhere.”
In addition to the scam, Viacomic’s Viasoft loan, which was introduced in early 2017, was also a major problem for consumers.
According of the company, “Viasoft Loan was designed for small-business borrowers to pay off credit cards for a limited time and for consumers to get a discount on their Viasloft credit cards.”
According to the Consumer Law League, Viskos Viasloft loan was also launched by the company “to help small- and medium-sized businesses with their monthly credit card payment and interest payments.”
The report also noted that Viskas Viacommunication loan was “designed to help small business borrowers to get the same discounts on Viaslos Viaslamount credit cards that Viaslowloft credit cards can offer” and “to give small business customers the chance to earn more interest income while keeping their payments low.”
Viskoms Viskommunicating loan was launched in 2017 by Viskoms bank.
According of the report, the loan program “has been used by people who cannot pay their monthly mortgage or rent due to financial hardships and who have no savings.
In many cases, the borrower has no means to repay the loan in full and cannot afford to pay the loan off in full.”
In response to the scandal, the Federal Reserve is calling for more transparency from lenders and banks, according to a statement from Chairman Ben Bernanke.
“As part of this effort, the Fed is issuing new guidance for banks, lending institutions, and credit unions,” Bernanke said in a statement.
“The Fed is asking banks and lending institutions to use consumer credit reports, credit scores, and other information that may help identify and investigate fraudulent activity, and it is urging lenders to provide borrowers with information that they can use to better identify potential fraudulent activity.
The Federal Reserve also is asking lenders to stop offering a new loan or other form of financial support to people they believe may be at risk of fraud.”
According of a press release from Bernanke, the statement said that the Fed “also will be conducting a comprehensive review of all of the consumer loan programs we have established in the last six months to determine if additional steps need to be taken.”
The U.S. Consumer Financial Protection Bureau is also looking into the situation.
“We want to ensure that all of our consumers are protected,” a spokesperson told the Associated Press.
“When a consumer loan is used to pay for a consumer product, it is a clear violation of the law and we will do everything we can to hold accountable those who engage in these types of predatory loans.”