Fraudulent Lenders on Social Media Increasing in Virus Crisis

Society Politics

Tokyo, March 15 (Jiji Press)--Japanese authorities are warning consumers of an increase in the number of fraudulent lenders who attempt to use the ongoing novel coronavirus crisis as a chance to prey on borrowers on social media.

Most such scams apparently involve individual lenders who are not registered as moneylenders.

The Financial Services Agency has launched an investigation, while cooperating with the National Police Agency to alert the public for such loan scams.

Shady lenders are on the prowl on Twitter, trying to get in contact with people in need of money.

They post comments including, "For those who have fewer jobs due to the coronavirus, I can lend money if conditions are met," with hashtags such as "#corona," in an attempt to encourage potential borrowers to contact them through Twitter's direct message function.

[Copyright The Jiji Press, Ltd.]

Jiji Press