The Rizal Commercial Banking Corp. (RCBC) has warned clients about loan offers requiring downpayment for approval.
The lender owned by the bilyonaryo Yuchengco family said the scam involves sending loan forms and contracts via email to potential victims, with fraudsters promising the quick approval of their applications.
The catch, however, is that the depositor must pay a four-digit sum first.
“Please be vigilant with loan applications pretending to be affiliated with RCBC. Always remember, RCBC will NEVER ask for a downpayment as a requirement for loan approval,” RCBC said in an advisory.