Sweden's Finansinspektionen adds 50 new names to its warning list and warns of upfront-fee loan scams

Sweden's Finansinspektionen (FI) has added 50 new names to its warning list of firms that lack the necessary authorisation to operate in Sweden, warning that the entities are linked to fraudsters targeting consumers with fake loan and investment offers. FI highlighted a growing pattern of “fake loans” where consumers are asked to pay fees in advance and then receive no loan. The scams typically begin with unsolicited contact by phone, social media or email, which FI flagged as a warning sign particularly for investment offers. FI advised consumers not to pay for loans or credit in advance, noting that legitimate lenders and intermediaries do not operate this way and that fees are paid after the loan is granted or may be deducted when funds are disbursed. FI also cautioned that fraudsters may quickly reappear under new names, recommending that consumers check both FI’s warning list and FI’s company register of authorised firms, and noting that IOSCO’s I-scan database also aggregates warnings from regulators globally, including those issued by FI.