BetterBorrow has issued a warning over a scam website operating under its name.
The borrowing platform, which is powered by the UK digital bank Chetwood Financial, is hosted on BetterBorrow.co.uk. An imitation scam has been launched under the domain BetterBorrow.uk. The fake website is just two letters shorter and highlights how easy it is to set up a similar website to lure in consumers. People who are looking for a loan, or other financial service like insurance, will be easily duped into entering all their personal data, including bank details.
Chetwood has reported the scam website to the Financial Conduct Authority (FCA) and the police. Warnings have also been posted through BetterBorrow’s website and social media channels, ensuring existing and prospective customers are only using the correct website.
Julia McColl, Chief Product Officer at Chetwood Financial, said: “The imitation website was launched in late July, and we have moved quickly to address the issue. Hopefully action will be taken to remove the clone website soon.
“Incidents like this remind us that we must be aware of any warning signs that a person or organisation might not be who they pretend to be. Fraud is on the rise, and the techniques deployed are becoming more advanced and personalised.
“We urge all customers to remain extremely vigilant. When engaging with any email, website or phone number, it is important to double check the domain addresses, the precise spelling of the company name and ensure you are using trusted platforms. If in doubt, it is wise to cease all contact or activity with a suspicious third party and conduct further research to ensure they are who they say they are, and not an imitator.”
Consumers can check the FCA register to see if companies are really authorised as they say they are.