BBB Scam Alert: Receive a call from a loan processing company? It could be a scam

Milwaukee, Wis. – Scammers are at it again, posing as representatives from loan processing companies to trick consumers into sharing personal information. This advanced fee loan phishing scam often comes in the form of harassing phone calls and voicemails. The caller insists they need to verify minor details, such as your income, to finalize your loan application. While the message may sound convincing, it’s a ruse to steal your private information.

How the scam works

You receive a call or voicemail from someone claiming to be from a loan processing team, often using a common name, like “Jessica.” The caller says they’ve been trying to contact you about your loan application and need to verify some final details to complete your approval, although more than likely, you never applied for a loan. They provide a callback number and application ID to make the message seem legitimate. The voicemail emphasizes urgency, requesting you call back before a specific deadline to finalize the loan.

BBB has received over 100 Scam Tracker reports of this scheme from across the United States in January 2025 alone, indicating that scammers are aggressively targeting consumers. People report receiving multiple calls per day, often from different phone numbers but with nearly identical voicemail scripts. Realistically, there is no loan, and returning the call could lead to scammers collecting sensitive information, such as your Social Security number, bank account details, or other personal data.

Tips to avoid the scam

• Verify the company’s legitimacy: If you’re contacted about a loan application you don’t recall submitting, hang up and do your research. Look up the company name online and contact them directly using verified contact information.

• Never share personal information with unsolicited callers: Scammers often ask for details like your Social Security number or bank account information. Avoid sharing sensitive information over the phone unless you initiated the call.

• Watch for red flags in voicemails: Be wary of messages with vague details, generic names, or urgent demands for a callback. Scammers often use scripted messages to target as many people as possible.

• Avoid calling unknown numbers back: Resist the urge to call the number back. Returning calls to unknown or suspicious numbers could connect you to scammers or result in unexpected fees.

• Check for scam reports: Look up the phone number or details of the voicemail online. Many victims post about similar scams to warn others.

• Report suspicious activity: If you believe you’ve been contacted by a scammer, report the incident to BBB Scam Tracker at BBB.org/ScamTracker.

Stay vigilant and cautious to protect yourself from falling victim to phishing scams like this one. If an offer seems too good to be true, it likely is!

For more information

See BBB’s 10 steps to avoid scams.

BBB has tips to help you watch out for guaranteed loans with upfront fees.

Get further insight by reading BBB’s tips on loans.

Find BBB Accredited loan companies near you.

View the online version For more information or further inquiries, contact the Wisconsin BBB at www.bbb.org/wisconsin, 414-847-6000 or 1-800-273-1002. Consumers also can find more information about how to protect themselves from scams by following the Wisconsin BBB on Facebook, Twitter, Instagram and YouTube.

ABOUT BBB: The Better Business Bureau has empowered people to find businesses, brands, and charities they can trust for over 110 years. In 2023, people turned to BBB more than 218 million times for BBB Business Profiles on 5.3 million businesses, and 80,000 times for BBB charity reports on about 12,000 charities, for free at BBB.org. The International Association of Better Business Bureaus is the umbrella organization for the local, independent BBBs in the United States and Canada.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.