You need a loan and the newspaper ad looks very legit. It features the logo of a well known bank and promises a very low cost loan. Should you apply?

A scheme is making the rounds advertising mortgages, small business loans, debt consolidation or other financial transactions. The ads are usually placed in small market or community newspapers and prominently feature the logo of a local bank. If you call the phone number you are asked to provide personal information including your social security number and then told the loan has been “granted.”

Then you receive the loan package along with a request for your bank account number, a copy of your driver’s license and other personal data. In addition, you may be asked to make an advance payment or deposit by wire transfer to a third party.

The Federal Deposit Insurance Corporation suggests you verify the phone number by checking the phone book. Otherwise, you may find yourself the victim of identity theft.