Fake Online Loan Scams Leave Borrowers Trapped in Costly Fraud
People across Bangladesh are increasingly falling victim to online scams that promise easy loans at low interest rates and quick financial returns. Scammers are using phone calls, text messages, social media and mobile apps to target financially vulnerable people.
Facebook has become a major platform for such fraud, particularly among low- and middle-income people who are struggling financially and have limited knowledge of cybercrime.
Touhida Akter, a homemaker, recently came across a Facebook page called “Ashar Alo Foundation” offering loans ranging from Tk 50,000 to Tk 5 lakh at an interest rate of just 5 percent. Desperate for a Tk 5 lakh loan, she paid Tk 450 as an application fee before being asked to deposit Tk 1 lakh as a refundable security deposit.
She transferred her savings but the page stopped responding afterward.
Similar scams are being carried out through mobile loan apps. Victims say some apps offer small loans at extremely high interest rates, while others collect sensitive information from users’ phones, including contact lists, photos and videos.
Scammers may later threaten borrowers with cyber harassment or exposure of private information if they refuse to pay inflated interest.
Bangladesh Bank has warned that such loan-offering apps are illegal. Authorities have also cautioned people against online gambling, betting and cryptocurrency schemes that promise unusually high returns.
The central bank recently advised people not to conduct financial transactions with unauthorised entities offering loans, investments or government benefits online. It warned that customers may be held responsible for losses resulting from such transactions.
Officials say illegal online financial activities have become increasingly widespread. Law enforcement agencies are investigating thousands of complaints and hundreds of cases involving online fraud, gambling and related crimes.
Authorities are urging the public to verify the legitimacy of any online lender or investment platform before sharing personal information or transferring money.
