MUSCAT, OCT 13
‘NEED a loan?’ If you see this advertisement on social media, beware. It could be a massive scam.
Authorities in Oman have sounded a fresh alert against a new wave of loan shark scams specifically targeting expatriates in Oman, luring victims with advertisements in their language offering instant loans. The fraud, which is being widely circulated among various community groups, promises soft personal loans of up to RO 40,000 within hours, with minimal documents and no bank verification.
“To avoid falling victim to such scams, please be vigilant, verify the details, and ensure everything is legitimate before transferring any money,” the advisory says.
According to the Royal Oman Police (ROP) and the Central Bank of Oman (CBO), fraudsters are now impersonating official financial institutions on social media applications such as WhatsApp, Snapchat and Instagram, and directing victims to fake links to collect personal and banking information. “Citizens and residents have been advised to ignore such messages and not to open electronic links unless they are sure of their reliability,” the ROP said, adding that the CBO is not concerned with providing personal and housing loans or any other banking services to individuals.
Bank Muscat said it would never ask for OTP, CVV, bank card or civil ID copies through SMS or WhatsApp, and that anyone who receives such a message should not act upon it and should alert the bank immediately.
The modus operandi is similar to cases flagged earlier by security agencies. Fraudsters circulate ads in vernacular languages stating “Loan Approved - One Lakh to Three Lakhs based on CIBIL” and ask victims to download APK files disguised as loan apps. Once installed, these apps gain access to contacts, SMS, call records, camera and location. Victims are then asked to upload their ID proofs such as Aadhaar, PAN, bank account details and photographs.
“They may even transfer a small amount initially to gain confidence. Later they demand payments under various pretexts - processing fee, GST, insurance, verification charges - without disbursing the promised loan,” the warning notes say.
In Oman, loan sharking is a criminal offence. An official source earlier stated that anyone involved in usury or lending money without a licence at unreasonably high interest rates faces a jail term of at least three months and a fine of at least RO 200. If the lender takes advantage of the borrower’s need, the punishment can go up to three years plus doubling of the fine, and up to five years with deportation for repeated offences.
STAY SAFE
Do not trust loan ads on social media
Never share OTP, CVV, bank card or civil ID copies
Do not install APK files sent via WhatsApp links
Avail loans only from licensed banks in Oman regulated by the CBO
Report such numbers immediately to the ROP on 9999 or at the nearest police station
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