Cashfloat Security Experts Presents Five Toxic Signals You Must Know.

- by Kelly Richards
Cashfloat security team

Cashfloat Security Experts Presents Five Toxic Signals You Must Look out for before Applying for Loans Online
July 25, 2016 11:30 PM Eastern Daylight Time

LONDON–(BUSINESS WIRE)–The security team at Western Circle Limited (WCL) trading as Cashfloat has identified, analyzed and contained an unprecedented number of fraudster activities in the UK payday loans market during the last couple of weeks. These include deceitful phone calls from offshore call centers, aggressive SMS campaigns, and unsolicited emails, all offering fraudulent high-cost loans using names of FCA-authorised lenders.

After customers had contacted Cashfloat regarding suspicious correspondence from salespeople presenting themselves as Cashfloat, the Cashfloat security team instigated a thorough investigation into the fraud threats. They found that fraudsters had been able to steal money from consumers’ bank accounts through different methods of manipulation. Consequently, Cashfloat has taken action by defining five elements consumers should look out for when receiving a payday loan offer, to help them identify a potential scam:

1) If you are asked to pay money to obtain a loan from a lender, it is a scam.
2) Lenders are also very unlikely to approach you to offer you a loan, so only interact with a lender who you have applied with.
3) If a lender guarantees that you will be approved, this is not an FCA-authorised lender, and you should stay away from them.
4) To check if a lender has FCA authorisation, make sure that the authorisation number on the footer of their website is clickable and leads you to the FCA’s website. If it is not clickable, it is suspicious.
5) If a website of a lender does not provide precise details about how to contact them, it is probably illegitimate.

Security expert at Cashfloat, Ofer Valencio Akerman, said, “Many consumers are caught unaware by fraudsters who have obtained information about them through public sources. Unlike most other lenders, we decided to combat these scammers by educating consumers in how they can avoid these agonizing experiences.”
Cashfloat released its alert via an email to their clients, as well as publicizing it on their website
About Cashfloat:

Cashfloat.co.uk is a trading style of Western Circle Limited; an FCA-fully authorised direct lender. The Cashfloat model is based on fundamentally good morals and the most advanced artificial intelligence technology designed to help and protect people taking payday loans online.

Click here to read more about Wonga Data Breach – What You Should Do Now!

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About The Author
Kelly Richards
Kelly Richards is the founder of the Cashfloat blog and has been working tirelessly to produce interesting and informative articles for UK consumers since the blog's creation. Kelly's passion is travelling. She loves her job because she can do it from anywhere in the world! Whether inspiration hits her while sitting on the balcony of a French B&B, or whether she is struck with an idea in a roadside cafe in Moscow, she will always make sure that the idea comes to fruition. Kelly's insights come from her knowledge gained while completing her degree in Economics and Finance as well as from the people she meets around the world. Her motto is: Everyone you meet has something valuable to teach you, so meet as many people as you can!
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Cashfloat is a trading style of Western Circle Limited - Company Registration Number: 7581337. We are fully authorised and regulated by The Financial Conduct Authority. FCA full permission license: 714479. ICO Registration Number: Z3305234


* Cashfloat terms and conditions apply. Applicants must be 18 or over. All loans are subject to affordability, applicant verification and traditional credit checks via various national databases by Cashfloat responsible lending policy. In most cases, loan decisions may take up to 30 minutes during office working hours. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 16:30.


Representative example: Borrow £500 for 4 months. First monthly repayment of £172.09. Second and third monthly repayments of £229.45 Fourth monthly repayment of £114.75. Total repayment £745.74, interest rate p.a. (fixed) 226%. RAPR 695%. Our APR includes all applicable fees. Daily interest is capped at 0.75%.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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