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An example of JDB Bank’s fake Facebook advertisement.

Central bank warns of online loan scam

The Bank of the Lao PDR informs parents, traders, civil servants, the military, police and all Lao residents to be suspicious of anyone using the name of a commercial bank, especially the Lao Development Bank (LDB) and Joint Development Bank (JDB), which may display a fake Facebook page.
Posts appearing under the names of these banks state that people can obtain a loan online through a quick approval process. The applicant is required only to upload a photo of an identity card and census book to get a loan within 30 minutes.
The Facebook page shows the bank’s logo, an image of the organisation, a video, and the bank’s employees. Anyone interested in borrowing money is asked to first pay a fee, which the post states will be repaid when the loan is issued.
The Bank of the Lao PDR cautions members of the public to be aware of this scam and reiterates that it does not allow any commercial  bank to issue a loan online.
The fake JDB Facebook page states that it is easy to get a loan and there is no need for the applicant to mortgage their property.
A loan application can be completed within 30 minutes, the post claims, and the loan approval can be cleared within a day. Applicants do not need to provide proof of their income and can get an instant loan of 5-150 million kip.
The central bank advises anyone to wants to borrow money for any reason, whether for household use, trade, home improvement or business expansion, to notify the bank immediately for advice and support.
This can be done via fanpage or by calling WhatsApp No. 02093431024.
In the past, people have lost money and could not be contacted, so BOL is taking this step to prevent more people from losing money due to an online scam.

By Times Reporters
(Latest Update August 14, 2023)

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