Banliang Finance | Beijing Financial Regulatory Bureau: Four Pitfalls to Be Wary of in Fraudulent Loan Collection SMS

Currently, some criminals impersonate legitimate financial institutions to send false “loan collection” messages, harming the financial safety of consumers. On March 13, the Beijing Financial Regulatory Bureau issued a risk alert titled “Preventing ‘Loan Collection’ SMS Fraud,” warning consumers to stay vigilant, verify debts, not trust or blindly transfer money, and avoid panic and confusion.

The Beijing Financial Regulatory Bureau has identified four major traps in “loan collection” SMS scams.

Trap 1: Fake websites to steal and misuse. Criminals lure consumers to click on links in messages, log into counterfeit websites to “repay,” and steal bank card numbers, passwords, and verification codes. They then use the stolen information to withdraw funds, leaving consumers both financially and emotionally drained, with debts remaining unpaid.

Trap 2: Fake collection threats to force transfers. Criminals impersonate loan officers, using scare tactics such as “double late fees,” “blacklisting,” “door-to-door collection,” “affecting children’s education,” or “being sued” to intimidate consumers. They falsely claim that immediate transfer of repayment will reduce penalties or remove overdue records, tricking consumers into transferring money to private accounts. After the transfer, they disappear, and the overdue issues remain unresolved.

Trap 3: Fake negotiations to gain trust. Criminals claim to represent banks for “debt restructuring” or “interest suspension” negotiations. After gaining the consumer’s trust, they demand high “service fees,” “consultation fees,” or “document fees,” promising to charge only after successful processing. Once they receive the money, they vanish.

Trap 4: Malicious information theft. Messages claiming to “verify identity” or “confirm repayment intent” trick consumers into replying with sensitive information such as ID numbers, home addresses, or workplaces, or calling fake customer service numbers. Criminals use this information for targeted scams or sell it, leading to more harassment calls and potential risks, with personal privacy left unprotected.

The Beijing Financial Regulatory Bureau reminds consumers that when encountering “loan collection” SMS messages, they should verify the source, avoid clicking links, and be cautious of scams. Check credit reports, stay calm, and protect privacy and security. Verification channels should be legitimate. After receiving collection messages, do not click links or call the numbers in the message directly. Instead, contact official customer service numbers, official apps, or visit physical branches to verify the debt and the identity of collection personnel. Keep transactions transparent: follow the “three no’s” principle—do not transfer to personal accounts, do not scan unknown QR codes, and do not disclose SMS verification codes. All repayments should be made through official apps or to the designated corporate accounts, and keep proof of payment. Protect personal information: avoid clicking on unfamiliar links, to prevent malware or phishing sites. Regularly check your credit report to understand your debt status and prevent scammers from exploiting information asymmetry.

Text / Beijing Youth Reporter Lin Lishuang

Photography / Beijing Youth Reporter Lin Lishuang

Editing / Hu Keqing