Waterford moneylender classified as 'fraudulent' by Central Bank

The bank has issued several warnings concerning scammers who are increasingly using legitimate firm's details to add validity to their own operations

The Central Bank of Ireland has issued a warning notice for a Waterford retail credit firm, which it says has been operating "in the absence of  appropriate authorisation."

It warned that Walsh Money, with contact information including an address in Waterford, holds no authorisation as a moneylender despite offering loans in exchange for advanced fees.

Online, the firm calls itself as a "direct lender", offering loans of up to €100,000, advertising that it is "here to provide loan assistance for all types of financial needs," including personal and education loans.

Operating without the necessary permission, The Central Bank said the scam is an example of "advance fee fraud."

"Walsh Money seeks an upfront payment fee prior to providing a loan. The loans are never provided," the Central Bank explained.

The bank has issued several warnings concerning scammers who are increasingly using legitimate firm's details to add validity to their own operations, with those acting illegally and without clearance often using real authorisation numbers, company registration numbers and links to what appear to be authentic websites.

Similar warnings have also been issued by the Irish League of Credit Unions, who earlier this year warned that scammers had cloned authentic credit union websites, using them to obtain personal information from victims.

Other firms that have been recently classified as fraudulent by the Central Bank include a London-based credit provider called Irish Lends, as well as several firms which have cloned some of the details of legitimate Central Bank authorised firms.

Clarification: This article originally included a Waterford address that was falsely used by Walsh Money on their website, as referenced in a Central Bank media notification on this issue. That address was removed by the Central Bank on request, and has now also been removed by the Irish Examiner on foot of a similar request.

Clarification: This article originally included a Waterford address that was falsely used by Walsh Money on their website, as referenced in a Central Bank media notification on this issue. That address was removed by the Central Bank on request, and has now also been removed by the Irish Examiner on foot of a similar request.