The bank’s investigation began after Consorcio del Uruguay filed a complaint about a company identified as “Consortium Cooperative” and “Financial Consortium” through Facebook —Making use of the name of the organization and other identifying data of its brand, such as address, colors and typography.
As detailed in the complaint, the modus operandi of the fraudulent company is based on asking customers for a payment prior to obtaining a loan. Once the requested amount is paid, the loan is not disbursed.
The resolution of the BCU
After verifying the denounced websites and evaluating the information presented in the complaint, the BCU warned the public that the entity or person acting under the name “CrediConsorcio.uy” or “Financiera Consorcio SA” is not registered “in any way”. before the regulator.
It also acknowledges that the names under which the Company operates illegal operation can lead to consumer confusion.
In addition, the resolution recalled that the BCU “does not intervene in the commercial operations of third parties or participate in the offering of their products or services, nor does it sponsor any entity.” And he called on the public to “be cautious” around credit offers by companies that are not registered with the BCU; they request prior disbursements of money; and/or they do not have a physical location of the company or the indicated address does not correspond to it.
On the other hand, the regulator recalled that in the face of this type of offer, efforts should be made to obtain clear, truthful, timely, and sufficient information from the service provider, its reputation, as well as the operations and conditions to which it will be subject; in particular, prior to providing money when applying for credit, documents, information on bank accounts, passwords or any other personal data that requires prior informed consent for processing by third parties.