If you feed the beast, it will destroy you when it develops contempt for you. In case you haven't noticed, the institutions of America have nothing but contempt for you.
Simmer on that a bit.
Not surprised these unsecured loans are being targeted by fraudsters, I suspect there is more than the $11 million being reported.
And, BTW, $11 million is not “chump change.”
Lazy people have set up a system so that they don't have to work.