STOP MFI | “Alem Credit”: Can taking out a loan turn you into a money mule?

We continue warning people who use the services of the “Alem Credit” lending platform.

In this episode, we examine a case in which a borrower's bank accounts were blocked by the Anti-Fraud Center shortly after receiving a loan. The reason was that the loan funds had been fraudulently withdrawn from another person's bank card.

As a result, a borrower may unknowingly become involved in a fraudulent scheme, face bank account restrictions, and be subjected to checks by law enforcement authorities.

We also draw attention to the fact that the website of the platform displays the details of virtual international payment cards issued by an AIFC resident, which are used as money mule cards.