by Herb Weisbaum, The ConsumerMan

Last updated October 9, 2025

Identity thieves have found a new way to steal consumers’ financial information: By calling with an “update” on a loan they never applied for.

Listen to audio highlights of the story below:

The con starts with a robocall from a fictitious financing company, such as Lending Union, Capital Union Funding, Nationwide Lending Services, or the Small Business Union. The message says the lender has been working on your loan application, and a line of credit (typically $150,000 or $180,000, depending on the call) has been approved. But you need to call right away to “confirm a couple of quick things” before your application expires.

Even though you know you didn’t apply for a loan, the fraudsters hope you’ll be curious enough to stay on the line to talk to a real person or call back. If you do, they’ll try to get you to provide your Social Security and bank account numbers.

Here is a transcript from one of the robocalls received by a Checkbook staffer:

“Hi, this is Mark from the business lending division. You were referred to us a while ago, and I’ve been reviewing your file. It looks like you’re still in good standing for up to $180,000 in line of credit for your business. We just need to confirm a couple of quick things. Mainly updated revenue. And once that’s done, funding could be out within a few days. If you’re still exploring options, press two to connect or give us a quick call back at 866-xxx-xxxx.”

The calls sound convincing. Whether these are real people or AI-generated voices, they’re friendly and seem interested in helping you. Other examples of messages:

“I tried reaching you recently and didn’t hear back, so I wanted to give you a quick update on your file.”

“You’re always welcome to reapply down the road, but I’d love to help you finalize it now if we can.”

“Scammers will do anything to get you to engage with them, and these calls make it seem like there’s an established relationship between you and them,” said Amy Nofziger, director of fraud victim support at the AARP Fraud Watch Network.  “It’s casual, it’s familiar, but honestly, it’s nothing but a scam.”

The Better Business Bureau, which has received thousands of Scam Tracker reports about these loan calls, warns that the scammers are “aggressively targeting consumers.” They’re also relentless. The Federal Trade Commission has received complaints from people who’ve received “bursts of calls, anywhere from five to 20 a day, all from different numbers but with the same story.”

Whenever you get a call from an unknown number, let it go to voicemail. That gives you time to determine if it’s a scam.

If you get a robocall about a loan application you didn’t submit, hang up. Don’t respond in any way—not even to opt out.

Don’t call back to check it out. You’ll be talking to a con artist who knows how to trick you into providing your personal information.

If you receive a call and are unsure about what to do, call the AARP Fraud Watch Network Helpline at 877-908-3360 for guidance. (You do not need to be an AARP member to use this service.)

You can also report scam calls to the BBB Scam Tracker and file a complaint with the Federal Trade Commission.

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Contributing editor Herb Weisbaum (“The ConsumerMan”) is an Emmy award-winning broadcaster and one of America's top consumer experts. He has been protecting consumers for more than 40 years, having covered the consumer beat for CBS News, The Today Show, and NBCNews.com. You can also find him on Facebook, Blue Sky, X, Instagram, and at ConsumerMan.com.