28 February 2020
You may of heard of someone in this situation, or been in this scenario yourself: a merchant receives a cold call from a number they don’t recognise, and someone claims to be calling on behalf of their financial services company, advising they are eligible to receive a large cash advance. When the merchant questions the caller further, they can't confirm who provided their card machine and the merchant terminates the call.
This is, in fact, a real case of a loan scam, and luckily the merchant did just the right thing by refusing to continue with the call.
Reputable lenders, such as Retail Merchant Services (RMS) and its partners, will never offer you an unsolicited loan, as they are generally not offered without prompting. Furthermore, lenders don’t offer loans with a cold call.
There are a few red flags to look out for if you think you’re being scammed, and some general rules we should all follow to avoid scams:
If you’re a merchant and someone calls offering you a loan on behalf of Retail Merchant Services, you can take the following action: