Although individuals looking to commit fraud may target short term loans, lenders at various companies providing this service are bolstering their security measures to protect customers.
Professionals at these lending firms acknowledge that although it is all but impossible to eliminate instances of fraud completely, it is possible to greatly reduce this unfortunate occurrence for those in need of short term loans. Security measures employed often include a multilayered identification verification process. This can be particularly useful since many short term applications are completed online, and instances of fraud are often uncovered quickly. In the unfortunate case that fraud does occur, short term lenders are often in direct contact with numerous law enforcement agencies, such as local police as well as federal authorities if necessary. Additionally, they typically work to assist victims. Consumers who suffer the consequences of fraud as a result of a short term loan application are urged to report the matter to police as soon as possible. According to the Wilson County News, the Better Business Bureau has recommended that users can avoid instances of fraud regarding short term loans by not providing personal information through any channel not proven to be secure.