Cyber Fraud: Loan Scambr br A loan scam is a type of cyber fraud in which criminals trick people by offering fake or illegal loans through phone calls, SMS, WhatsApp messages, emails, or social media advertisements. The fraudsters promise instant loans with low interest rates and without documentation to attract victims.br br Once the victim shows interest, the scammers ask for personal details such as Aadhar card, PAN card, bank details, OTPs, or request an “advance fee” in the name of file charges, insurance, or processing fees. After receiving money or information, the scammers either disappear or misuse the victim’s data for further fraud.br br In many cases, victims are also forced to install fake loan apps that access contacts, photos, and messages, leading to blackmail, harassment, and extortion.