BBB warns consumers about loan processing phishing scams

FOX23 News at 9 p.m.

ST. LOUIS, Mo., (KBSI) — The Better Business Bureau® (BBB®) is warning consumers about a new phishing trend in which scammers pose as representatives from loan processing companies.

In this version of the scam, callers harass potential victims, insisting they need to verify “minor details” such as income to finalize a loan application. Nationally, BBB has received more than 1,500 Scam Tracker reports involving callers using the names “Jessica” or “Evelyn” and claiming to represent the “West Coast branch” of Lending Union — a company that does not exist.

According to BBB St. Louis, the calls can be aggressive and persistent. Some consumers report receiving multiple calls per day that sound pre-recorded or follow a script.

A Kirkwood, Mo., consumer said he received daily voicemails from “Jessica” for more than two months, with changing caller ID numbers and urgent instructions to return the call by 5 p.m. Pacific time. Another consumer in Washington, Mo., said when he called back to stop the calls, a live person answered but hung up after he asked to speak to a supervisor.

“The best way to avoid this scam is to keep records of the loans you have applied for and the actual companies that should be contacting you about them,” said Michelle L. Corey, BBB St. Louis president and CEO. “Always be wary about sharing personal and financial information with someone who calls you out of the blue, especially if you don’t recognize the company.”

Tips to Avoid Loan Processing Phishing Scams

Verify the company’s legitimacy: If you receive a call about a loan, you don’t recall applying for, hang up and research the company. Contact them directly using verified information.

Keep careful financial records: Maintain detailed notes about when and where you applied for loans and how legitimate companies will contact you.

Never share personal information: Do not give out your Social Security number or bank details unless you initiated the call.

Watch for red flags: Be cautious of vague or urgent voicemails that sound pre-recorded or scripted.

Avoid calling unknown numbers back: Calling suspicious numbers could connect you to scammers or trigger unwanted charges.

Check for scam reports: Use BBB Scam Tracker or search online for the phone number, company name, or message details.

Report scams: If you’ve been contacted by potential scammers, report the incident to BBB Scam Tracker or contact your local BBB office.