Gardaí have issued a warning on websites which are offering unsecured loans to people who have been unable to access credit from traditional banks.
A new scam works by offering a loan online which will be processed quickly.
Gardaí say the firms usually claim to be regulated by the Central Bank – even though this is not the case.
In a follow-up phone call, the lender is usually asked to hand over money upfront as proof of their ability to repay the loan.
The loan is never issued and the advance fee is lost.
The Gardaí National Economic Crime Bureau is advising people to be cautious when applying for quick and easy finance and to check the Central Bank register before handing over money to a potential lender.
