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How to Recognize And prevent Financial Fraud


The first thing we must understand is that loans are bad for nothing.

On the contrary, and as is the case with Lanamóvil's financial products , they are great tools that can help you get out of financial troubles and even meet your financial goals .

The key to not falling for unreliable lenders is to be careful!

Therefore, in this article on our blog , we will guide you on the 3 most common types of financial fraud and how to prevent them.

Likewise, we will provide you with all the necessary information to take into account when requesting your loan.

Look for a loan that is safe

How to make sure your loan is safe?

The first task you have to do is acquire a loan that fits your possibilities. Make it safe and, to do this, you have to know where it comes from.

The correct thing is to avoid any type of loan that is not regulated.

Avoid being a case of financial fraud in this way

So that you are not another case of financial fraud, make sure that the type of lender is not informal.

That is, one that has not been regulated by the authorities of the Mexican Financial System.

Typically, they are the ones who leave small print in their contracts. In addition, they offer very high interest rates and collection methods can be dangerous.

How do those who commit these types of financial fraud act

Most of these companies advertise offering “loans” ranging from 30 thousand pesos to 5 million pesos.

They propose preferential plans, low interest and fixed payments that are very interesting, ensuring, in turn, delivering the requested money in a few days.

Once people have requested financing, they are asked for a deposit of approximately 6.2% of the total loans requested for management and administration expenses.

Subsequently, they ensure that once the line of credit is authorized, the client must present their personal documentation so that, within a subsequent period of 30 days, the resources are released.

Make sure you can file your claim with CONDUSEF

The companies that practice these types of financial fraud, after having made the initial deposit, make you live through an ordeal: for weeks, they claim that your credit is in the authorization process, but they do not reach its final delivery.

It is important to inform all users of financial services that many of these “companies” operate as managers for other financial entities.

And they are probably not registered or regulated. With this, CONDUSEF would not have the power to address claims, in case of any non-compliance that you want to report.

3 types of financial fraud

1. Theft of personal information or identity theft

These types of financial fraud can expose us to crimes such as extortion or identity theft.

Therefore, avoid providing personal data if you are not sure that it is a serious company.

Above all, never provide your personal information if you have received unsolicited and/or expected phone calls from your trusted institution.

Also do not provide them via email, social networks, etc.

As you know, many of the most common financial frauds are those in which they contact you via text message and/or WhatsApp with seemingly “quick” ways; that is, unreliable to get your money.

2. Theft of money through “necessary expenses

Many times these types of scammers use as a tool to request small advances for administrative or management purposes to get more money from the affected person.

In this way, the person is convinced believing that, in reality, they are working to fulfill their initial loan, when this is not the case. 

With these practices, many “companies” have stolen millions of dollars or through tax evasion.

Therefore, it is important that you are guided by reliable financial companies like we are at Lanamóvil.

3. Fast Money

At this point there is something very curious and that is that lenders here do grant cash, they just do it in unethical and moral ways.

This is because their commissions are very expensive and are settled over a very long term. Which represents endless payment methods and more debt than at the beginning.

Therefore, and in order to prevent you from being surprised by these  types of financial fraud  and impersonation of financial entities, CONDUSEF recommends that before requesting any type of credit, you take the following into account.

Follow these preventive measures to avoid these types of financial fraud


Avoid giving advances

A reliable company knows that if you find yourself in a situation where you need money it is because you don't have it.

So, obviously, it will facilitate the conditions so that you get it quickly, but it will not charge you before giving you the loan. That would be illogical!

Although there are management procedures, these will be quick, and should never “condition” you to pay fees, insurance, opening commissions, or any deposit before knowing whether or not you will have the credit authorized.

Make sure that the institution or financial entity that offers you the loan is registered with the SIPRES (Financial Services Providers Registration System) administered by CONDUSEF.

You can check their address, website and telephone numbers from the CONDUSEF site.

Do not hand over personal documents or credit or debit card information

Nowadays, personal information is a very valuable asset for which many people will go to great lengths to obtain it.

Unfortunately, some do it for illegal purposes such as identity theft, extortion, theft, among many other things.

If you doubt the credibility of a supposed financial institution, do not make your data available to anyone. There are even data that you should not even give to the most prestigious loan company, such as all the information on your credit and debit cards.

Avoid these types of financial frauds caused by dealings on Facebook, WhatsApp, or any other social network

The use of social networks, while it brings many positive things, is not free from the negative ones. And, on this topic, the types of financial fraud mentioned above are no exception.

Many scammers can hide under the anonymity of a newly created account to offer financial services.

Make sure you are attended by a real employee of the financial institution

On occasion you may come across a fraud that is a little more “difficult” to detect.

This is because someone can pose as an employee of said institution.

Make sure that the person who offers those services actually works there.

Never sign documents before reading them completely and carefully.

This is where the famous “small letters” emerge.

Whenever you are about to sign a loan granting document, make sure that all the points are clearly explained with the date and amounts of your payments and thus avoid these types of financial fraud that we already knew about.

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