Straw Borrowing Scheme | Drawing A Line Between Legitimacy and Financial Crime

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I was really surfing through some stuff today when some words really caught my attention and I had to pause for a while just to read more meaning to it and what it really entails, I'm someone that is always curious if I see words like crime, fraud etc and I will always love to read more just to know the full details and how to avoid them incase I come across such in future, have been scammed once before and it was just 10$ carelessly though and I have been careful since them and also have witness and heard bad testimonies from my friends and classmate when they fell to one scheme or the other but I haven't heard or will I say this don't know this thing I saw have a full name to it.

What I saw was titled Straw Borrowing especially when it come to loans, and it means when someone identity is use in obtaining a loan for someone who isn't up to standard or not qualify for such loan. At first I really didn't see it as a bad thing though because some people might be financially broke at some point and they really need help in getting some loans they aren't qualify for, so they seek help from someone they know and pay back such long according to their agreement, I once did something like that when I was in school and need to pay my school fees, mum had to take a loan for me because I couldn't take it and I paid back weekly till I complete the terms but on looking at it from the other side, Crime rate are now very high and some people do think they are smart enough to take a loan illegally while using someone details and the worst case scenario, the people they use their details might have no knowledge of it until the person start receiving disturbing messages.

People might think this isn't possible because once details might be personal and someone can't really obtain it without the real person sharing it, there are some who are really tricky and even there are technologies now which people now use in such illegal act, there are lot of cases where people received fake calls from scammers acting as bank users trying to get some details from their victim and people easily fall for such especially older people who have no updates on what is really going on. Obtaining loan is quite easy nowadays, those loan apps only need bvn with zero details. This kind of scheme rate is really high nowadays and most idea behind this act is just to exploit the system, for greediness and wasteful spending. Law enforcement are already working and trying to punish anyone found doing such illegal act.