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Bank Loan: Consumers warned over Christmas money scams

UK consumers should be especially vigilant over the Christmas period as there will be an inevitable rise in money scams, a financial expert has warned.

Justin Modray of has urged Britons in search of a bargain during the festive period to be on the look out for scam artists.

"Never disclose your online banking passwords to anyone. And if you receive any emails or telephone calls purporting to be from your bank that ask you to login or provide personal details, delete or hang up immediately," he said.

Research by BBC Radio 4's Money Box programme has revealed that fraudsters managed to take out loans under other consumer's names from Finnish-based firm Help Loan.

Around 5,000 people have been contacted by debt collectors working on behalf of Help Loan who are looking to recoup the lost funds, estimated to be around £1.5 million.

Help Loan has confirmed that it is taking measures to ensure a similar incident does not occur again.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800161940-ADNFCR

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