Franklin Mint Federal Credit Union Scam Alert

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FMFCU Security Center | Banking Dept. Issues Scam Alert - 2/8/07

The Department of Banking issued an alert yesterday that the following companies may be Canadian-based advance fee loan scams:

Exchange Finance
Group 602 Chestnut Hill Avenue
Springfield, PA 19118
www.exchangefinancegroup.com

Lincoln Fidelity Group
429 Forbes Avenue, 7th Floor
Pittsburgh, PA 15219
www.lincolnfidelity.com
1-800-622-3509

Victims of these companies were instructed by the companies to wire money to individuals in Canada for insurance, security deposit, or down payment for loans they never received. Individuals who sent money lost between $1,800 and $2,800. Both companies also collected personal information through loan applications, which could be used to commit identity theft.

Neither Exchange Finance Group nor Lincoln Fidelity Group is licensed by the Department of Banking. Further, neither company has offices at the addresses they provide.

The Department of Banking urges consumers to research any company they are thinking about doing business with. Prospective borrowers should be suspicious of any loan that requires an upfront payment, especially via wire transfer to another country. While legitimate lenders may charge for application, credit reports, and other fees, those costs are generally subtracted from the loan amount after it’s approved.

Victims of advance fee scams should notify the Department of Banking at 1-800-PA-BANKS or the Federal Trade Commission at 1-877-FTC-HELP.

For more information, visit www.banking.state.pa.us.