Fraudulent loan operator stole Perth company's website design

Mike Morgan Loans, the fraudulent loan company which was the subject of an ASIC warning on Friday, appears to have stolen the website design and contents from a well-known Perth-based firm.

Mike Morgan Loans directly copied the website, including names, photos and details of employees and executives, to fraudulently obtain people’s data.

It is not clear if it was an identity theft scam or an attempt to fraudulently take people’s money.

“We found out about three to four months ago, it was quite a huge shock to us,” a spokesperson for the affected company said.

“It’s unbelievable. They’ve been able to copy everything.”

They then informed ASIC about the website who investigated and determined it was fraudulent and was not linked to the company.

“They must have quite liked our website, we’re quite flattered,” they said.

The company worked out the website would have been copied some time last year but when they spoke to their website hosts they said it does happen quite regularly.

“They’re trying to fraudulently get money from people which absolutely disgusting. We’ve got absolutely no connection to them”

“I don’t believe it will affect our customers. People know who we are.”

It appears whomever has deployed the latest attack may have targeted the same firm previously. Property Observer is aware of at least one other site which uses the same photos and information.

New Season Financial Company, based in the US, has the same stolen information, but in a different layout as Mike Morgan Loans.

ASIC found unsolicited emails have been sent from Mike Morgan Loans to consumers offering loans ranging from $10,000 to $20 million with a low interest rate of 3%.

ASIC Commissioner Greg Tanzer says consumers need to be cautious when approached with unsolicited offers of financial products.

“I would also urge consumers seeking loans or other credit products to avoid dealing with people or companies who are not licensed by ASIC,” Tanzer says.

“Australian credit licensees are subjected to stringent requirements under the national consumer credit legislation which are designed to protect consumers.

“This way you can be confident you are dealing with a legitimate credit service provider and avoid potentially significant financial losses.”

Alistair Walsh

Alistair Walsh

Deutsche Welle online reporter

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