Beware of Scammers Asking for Walmart Cards and What They Do with Your Information
Personal loans and financial frauds can be a minefield, especially if you’re not aware of the tricks that scammers use. This article shares a personal experience and the steps scammers often take to exploit unsuspecting individuals. Stay informed and protect yourself from these deceptive practices.
The Personal Loan Application Journey
Earlier this month, I was looking to get a personal loan. My application was seen by numerous lenders through a lender megasearch platform. The flood of emails and messages began almost immediately.
Even though the loan company required a co-signer, I decided against going through with it. On July 4th, I received a call from a representative named Taylor White from a firm called OneFinance U.S. She assured me that I could get approved for a loan without collateral or a co-signer. She asked me to sign a promissory note, which seemed legitimate but had fine print indicators of scam schemes.
The Scam Emerges
Once I signed the note, she requested additional information to speed up the process. When attempts to send money via CashApp failed, she managed to deposit the funds into my account. She then instructed me to obtain a Walmart Moneycard Visa and transfer the funds from my own card to the Walmart card before sending pictures of the front and back of the card as well as the receipt to her.
This is the beginning of the scam. The funds were then transferred back to the scammer, and without my knowledge, they made multiple stop payments against a payday loan from another financial institution. This was a clear indication of their fraudulent activities.
Spotting the Fraud
When my bank investigated, they suspected these activities to be part of a fraudulent scam. Over the weekend, I received numerous emails from the collections department, all of which were attempts to continue the scam. Despite my explanations to the bank and the collection department, the situation escalated, and I faced multiple stop payments and overdraft issues.
Consequences and Actions Taken
After repaying the payday loan twice (with one reversal) and providing credit back to my account, the scammers made another stop payment, and I once again faced collections efforts. The bank then tried to debit my account, resulting in an overdraft of $600. After settling the issue, I was left with an overdraft of $300 to pay back to my bank and $300 to return to the payday loan provider.
Out of desperation, I reported this to my state’s Attorney General’s office and shared this information with the scammers to ensure they could not continue any future fraudulent activities.
Protecting Yourself from Scammers
To avoid becoming a victim, be wary of personal loan offers that come out of the blue and require verification methods such as pictures of financial cards. Always verify the legitimacy of the lender through reliable sources and never provide sensitive information unless you are absolutely certain of its security.
Key Takeaways:
Walmart Cards: Be cautious about scammers requesting information or pictures of Walmart cards. This is a common tactic in financial scams.
Personal Loans: Be wary of unsolicited loan offers, especially those that require collateral, co-signers, or questionable verification methods.
Loan Scams: Recognize the warning signs of loan scams, such as requests for finances via unsecured methods or untrusted channels.
Identity Theft: Ensure your financial information is secure and never share personal or financial details online without verifying the authenticity of the recipient.
In the digital age, it's crucial to stay vigilant about protecting your financial and personal information. Share this experience and these tips to help others avoid falling victim to similar scams. Keep your guard up and stay informed to ensure your financial security.