Washington State Department of Financial Institutions

Consumer Alert

Advance Fee Scam Alert: Using the Name of Primerica Financial Services

December 14, 2007

A loan fraud operation has, in some cases, used the Primerica Financial Services name to mislead consumers. The operators of the fraud contact victims who have applied for loans on websites that search for lenders. A representative of the operation calls the victims, claiming that they have been approved for a loan. However, the representative requires the victim to wire money to an individual in Canada for an insurance premium. The representative claims that the loan proceeds will be transferred to the victim’s bank account shortly after the money has been wired. Once the money is wired, the victim never receives the loan proceeds.

Loan fraud operations use wire transfers and similar methods of payment because they are irreversible, untraceable, and anonymous.

This operation has claimed to have an address of 1185-B Veterans Memorial Highway, Mableton, Georgia. They are not located at this address.

Primerica Financial Services is a legitimate company licensed by the Department of Financial Institutions to act as a Mortgage Broker. Additionally, they are registered to do business in Washington by the Washington State Department of Revenue and the Office of the Secretary of State. According to their alert: “Primerica representatives never take money for loan applications and all loan transactions require a face-to-face meeting with a Primerica representative.” Consumers should never forward money in order to obtain a personal loan.

Victims should report their experiences to the Internet Fraud Complaint Center at www.ic3.gov.

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