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Friday, July 19, 2024

the Central Bank has concluded that a moneylender based in Waterford engaged in fraudulent activities


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The Central Bank of Ireland has sounded the alarm over Walsh Money, a Waterford retail credit firm, which it says is offering loans for advanced fees, but without the proper authorisation. Walsh Money is advertising loans up to €100,000, claiming to provide assistance for any financial purpose, including personal and education loans.

The Central Bank has labelled this activity as ‘advance fee fraud’, where upfront payment is required, but no loan is ever given. This is an example of criminals using legitimate firms details to make their scams seem authentic, as the details of authorised moneylenders, company registration numbers, and websites are being copied.

The Irish League of Credit Unions has also issued a warning, as scammers have been cloning credit union websites for personal information from victims. In addition, the Central Bank has recently classified London-based Irish Lends as fraudulent, as well as several other firms which have replicated authorised Central Bank firms.

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