Interest Free Scams

We've received a concerning report from a listener about a solar power financing offer that raises serious red flags.

​A local Perth resident was looking into installing solar panels and received an offer for "interest-free" financing through Zip Pay. However, the company requested something highly unusual: the applicant's online banking login details. They said this was to assess their financial situation.

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Now, this is where things get concerning. Not only were they asking for direct access to the bank account, but they also stated that a separate, unidentified third-party company would also be given access to this sensitive information.

Experts warn that sharing your bank login details with anyone is incredibly risky. It opens you up to potential fraud, identity theft, and financial losses. Most reputable financial institutions advise against this practice.

Consumer advocates are urging people to be very cautious about this very thing. They say that while "interest-free" offers can be tempting, they shouldn't come at the cost of your financial security. There are legitimate ways for companies to assess financial risk without needing your login credentials.

This situation also raises privacy concerns. The fact that an unknown third party would also have access to the data is troubling.

So, what should you do if you encounter a similar offer?

• First, never share your bank login details.
• Explore alternative financing options from well-known lenders.
• Report any suspicious activity to consumer protection agencies.
• Thoroughly research any company before signing any agreements.
• Look into government rebates and incentives for solar power.

Remember, protecting your financial information is crucial. If an offer seems too good to be true, it probably is. Stay vigilant and informed.
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This incident serves as a stark reminder of the importance of protecting personal financial information and exercising caution when considering financing offers that seem too good to be true. Authorities are urging individuals to remain vigilant and report any suspicious activity.

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