One in five victims of loan sharks met their lender on social media in the first half of this year.

A campaign has now been launched across Kent to raise awareness of those who target people – especially those affected by the pandemic – through online networks.

Kent Savers Credit Union, a local community lender for the county, is supporting The England Illegal Money Lending Team in raising awareness over the dangers of unsolicited borrowing.

The campaign comes amid concerns that more people are falling prey to unscrupulous criminals online, as statistics show one in five victims met their lender on social media in the first half of 2020.

Loan sharks are increasingly using platforms such as Facebook, Instagram and Snapchat to advertise their illegal loans and target potential victims.

These criminals will lure people in with seemingly attractive loan offers but will quickly resort to intimidation, threats and violence to enforce repayment and trap borrowers in a spiral of debt.

This year's Christmas campaign, called #SharkFreeSurfing, will run from now until Christmas to encourage people to report online illegal money lending activity.

Head of the England Illegal Money Lending Team, Tony Quigley said: "We are aware that loan sharks are becoming more active on social media which we will not tolerate.

"Loan sharks are using online platforms to advertise their predatory lending activities and target potential victims.

"People throughout our communities are struggling financially due to the pandemic and the increased pressures to not only meet monthly bills but also the added expense of Christmas may make them more at risk of being targeted by illegal money lenders.

"I urge people to remain vigilant when online – if you spot a suspicious loan advert on social media, report it to us.

"If you need to borrow money, always check the lender is authorised by the Financial Conduct Authority and contact your local Credit Union about ethical financial products and services."

Kent Savers chief executive Catherine Parker said: "We know how effective the internet and social media can be in reaching people who are searching how to borrow some cash in a hurry.

"But criminal lenders are becoming increasingly sophisticated in presenting themselves as legitimate, and are actively targeting those most vulnerable or in desperate need.

"This year in particular many people will need a little extra cash to tide them over for Christmas, and choosing who to borrow from in a cash-crisis situation is vital.

"Loan sharks may seem friendly, convenient and the answer to your problems, but they can be the start of a dangerous permanent cycle of borrowing to repay the interest and debt, and making yourself and family vulnerable to intimidation, threats and violence."

Kent Savers offered the following advice on how to protect yourself from loan sharks online:

• Check the lender is authorised by the Financial Conduct Authority (FCA). If not, don't borrow from them – report them to the Stop Loan Sharks team;

• Loan sharks have been known to advertise in community groups and on local selling pages. Remember, if it looks too good to be true, it probably is;

• Never send money or give card details, online account details or copies of personal documents to anyone you don’t know or trust.

If you suspect someone may be a loan shark or they are acting inappropriately, you can report them anonymously to www.stoploansharks.co.uk or by calling the Stop Loan Sharks Helpline on 0300 555 2222.

Alternatively, you can email the team reportaloanshark@stoploansharks.gov.uk or access support via live chat on the website Monday to Friday between 9am-5pm.

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