Fraudulent Consortium Credit Scam Spreads on Social Media in Brazil

A fraud scheme involving fake consortium credit letters is spreading rapidly across Brazilian social media platforms. Scammers pose as legitimate lenders, offer below-market prices, and disappear after receiving advance payments from victims seeking quick credit.

How the Scam Works

Scammers use social media to advertise fake consortium credit letters they claim are already "won" through drawings. They pose as legitimate lending companies or banks, copying official logos and names while sending counterfeit documents to appear credible. Once victims show interest, criminals demand advance payments for "administrative fees" or "transfer costs," then disappear after receiving the money.

Warning Signs

Be alert to these five red flags:

Claims of pre-selected credit without proof or lottery requirement
Prices significantly below market rates
Pressure to pay immediately or promises of instant credit release
Transactions conducted solely through social media or messaging apps
Refusal or resistance to direct verification with the actual lending company

Prevention Tips

Before entering any credit agreement, take these protective steps:

✔ Verify the lending company is authorized by the Central Bank or relevant financial regulator

✔ Contact the company directly to confirm the credit letter exists and obtain details

✔ Read the complete contract before signing anything

✔ Be suspicious of promises for immediate credit release

✔ Never make advance payments or transfers until you have personally verified all documentation with the official company

✔ Avoid conducting financial transactions solely through social media or messaging apps; use official business channels

Reporting and Support

Victims should file a police report with the local Consumer Protection Division (in Brazil, the DECON), providing all contracts, payment receipts, and communication records. If you suspect fraud, contact your local law enforcement or financial regulatory authority immediately.