Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
We have been made aware of a fraudulent cloning scam that is using our website name. We can assure you that we have not contacted you, nor have we requested any payment from you.
The Financial Conduct Authority are aware of this scam and have published a warning on their website. You can read it here. Cash Flex Clone Notice.
If you think you have been a victim of this scam you can report it to us by contacting us here Alternatively, you can report it to the Financial Conduct Authority or Action Fraud here.
The tactics that criminals may use to carry out a loan scam are vast and it would seem that fraudsters are ever evolving in their quest to trick people and gain their trust.
The most important thing to remember is that being a victim of fraud is not your fault.
Our guide contains some key information on loan scams, how to spot them, and how to protect yourself against them.
IMPORTANT: Cashflex is a credit broker, not a lender, and we will never contact you to offer you a loan or ask you to pay a fee for using our service.
A loan scam is when a fraudulent individual or company engages in, or attempts to engage in, communication with a victim in relation to a loan.
This could include offering a loan, asking for a fee to secure a loan, or asking you for personal information, such as your bank details. A scammer may even commit fraud by taking out a loan in your name.
Such communication may come completely out of the blue and may be in the form of a phone call, text, email, WhatsApp, or via social media.
1. Clone firm scam
In this instance, an individual or group of criminals will attempt to mimic a genuine company. You might receive communication from what you think is a legitimate source. Remember, fraudsters are very good at what they do; they may well have taken the time to make their emails appear exactly as the real thing might and could even send you a link to a seemingly genuine website.
A victim of this scam may be lulled into a false sense of security and share their personal and/or financial information.
2. Identity fraud scam
A criminal may seek out and use your personal information to apply for a loan. This could damage your credit score.
You should regularly check your credit file and report any inaccurate information or credit checks that you don’t recognise to your credit reference agency (CRA), as well as the company who carried out the credit check.
3. Loan application and fee scam
Those targeted may be contacted by a scammer and told that they’ve been approved for a loan and need to pay an upfront fee to release the funds. The funds are not sent, despite the fee being paid.
Please be aware that the Financial Conduct Authority (FCA) requires all lenders in the UK to carry out an affordability check on anyone who applies for credit.
An affordability check could be in the form of either a hard search or Open Banking.
Any company claiming to offer loans without an affordability check should be avoided, as they’re unlikely to be operating in line with FCA guidelines.
You can check to see whether a company is authorised and regulated by the FCA by searching their register.
If you suspect that you’ve been contacted by a scammer, you should end the communication immediately. While it may be tempting to try and challenge them, you should avoid engaging in conversation. Do not share any of your personal information.
Make a note of any phone numbers or email addresses that you’ve been contacted on for future reference and then block them.
If you’ve disclosed your bank details or card number(s), you should contact your bank as soon as possible. They will have a designated fraud team who will be able to talk you through the steps that can be taken to protect your account. This may involve a temporary freeze on your account so that no money can be taken, and you may be issued a new credit or debit card.
You should change your online banking log-in PIN and/or password, as well as any other passwords that you might have shared.
If money has already been taken from your account, your bank should be able to help. In some circumstances, it might be possible for you to get back the money you’ve lost.
If you reported an unauthorised payment more than 8 weeks ago and haven’t heard back from your bank, or your bank have confirmed that they’re not going to take any action, you can escalate your concerns to the Financial Ombudsman.
Scams can be reported to Action Fraud, the UK’s national reporting centre for fraud and cybercrime. You can make a report as an individual, a witness, a business, or on behalf of somebody else.
Action Fraud’s website provides a range of useful information about different types of fraud, and tips on how to prevent and report them.
You can also report scams to Citizens Advice using their online form. They will then pass the details of the scam on to Trading Standards, who might contact you for further information.
If you’re in immediate danger or feel threatened, you should contact the police.
Nobody has the right to make you feel threatened or scared.
If you’ve been the victim of a scam, you might feel embarrassed and apprehensive about reporting it. It’s important to remember that you’ve done nothing wrong and have nothing to feel ashamed of. It doesn’t matter how savvy we are, scams can happen to anyone, at any time.
Yes, Cashflex is a genuine company. Cashflex is a trading name of Digitonomy Limited, who is authorised and regulated by the FCA.
Cashflex is a credit broker. We do not charge any fees for our service and will never contact you to request a payment.
Any communication from us will be sent from one of the three following email addresses:
If you have any questions about Cashflex, you can contact our friendly Customer Care team using our online form here.