The use of digital technology to make online payments is a blessing for people nowadays and has significantly changed consumers' shopping decisions and spending behaviour. While it offers great convenience as one can avail products and services anytime from anywhere, it also comes with the caution to be very careful when making online transactions. Today, online frauds in India are at its peak, with thousands of consumers falling victim to them every year. As the top financial institutes and banks are coming up with a plethora of tools that ensure smooth digital transactions, scammers and fraudsters are also becoming more professional with their hacking techniques. So, consumers need to be alert and aware while making transactions online and trust only secured wireless networks to avoid the chances of falling into a scam.
How to identify a genuine Bajaj Finance communication
It is important to check whether a message, call, or email is actually from Bajaj Finance before sharing any information. Fraudsters may create fake communication to collect personal or financial details.
Follow these tips to identify genuine communication:
- Check the sender details: Always verify the phone number, email address, or source before responding.
- Avoid sharing confidential information: Bajaj Finance will never ask you to share sensitive details such as OTPs, PINs, or passwords.
- Use official platforms: Access your account only through the official Bajaj Finance website, app, or customer portal.
- Do not click unknown links: Avoid opening suspicious links received through SMS, email, or messaging apps.
- Verify offers carefully: Check loan offers, rewards, or payment requests through official channels.
If you notice suspicious communication, report it immediately through Bajaj Finance’s official support channels.
How are scams done
If you have an existing relationship with Bajaj Finance, you should be aware of the most common ways through which scammers commit online fraud and dupe consumers using Bajaj Finance’s name.
They pressure consumers to act immediately
Scammers will not give you much time to think and will pressure you to act quickly. They often use psychological tricks to dupe people, like a warning email or a message from an authority, such as a bank, saying that your debit card is blocked which will invoke fear. Or they may offer you a hard-to-resist holiday deal which you may lose if you do not act fast. They use such emotions to exploit one’s ability to make rational decisions.
Through fake links, websites, and calls
Another way fraudsters dupe consumers and do banking frauds in India is through mobile SMS, email, and calls. They offer loans, free coupons, and gift vouchers to build trust and then send a link or a number to call back on to extract money. They may also create a genuine looking, yet fake Bajaj Finance website and host it on Google/ Bing, etc. Once the victims click on the website’s page, contact details are asked for or a contact number to call on is shared. Victims fall into the trap and share their sensitive details which lead to fraud.
Fake ads and profiles on social media
You may find fake ads on social media platforms like Facebook or Instagram where the scammer will offer you loans from Bajaj Finance. Once the victim clicks on those ads, the fraudsters may ask for Bajaj Finance EMI Card details and mobile number to conduct a banking fraud. They may also create fake profiles and pages on social media platforms like Facebook with the Bajaj Finance logo as their display picture. Once the victim contacts them through call or message, they ask for account details and then make transactions without warning.
Tips to ensure the safety from fraud
The main reason why such frauds happen is that people are unable to differentiate between genuine and fraudulent. Here are some easy tips by which you can minimise the risk of losing your money:
Never share your sensitive information with unknown people
Giving out your credentials is certainly the most common way to fall prey to scammers and fraudsters. Do not share your confidential details such as One Time Password (OTP), with unknown people under any circumstance. Also, don’t write these details anywhere. If you have to write your credentials, make sure it in a private and secure place.
Do not use public networks for money transactions
Public hotspots in areas like restaurants, hotels, cyber cafes, and airports have low-security standards so that guests can easily use the network. If you have to make a financial transaction, it is best to avoid making it through these public hotspots or an unsecured Wi-Fi connection. This is because fraudsters can easily eavesdrop on such networks and get access to your confidential information.
Set unique and strong passwords for your account
Another easy way to protect your bank accounts is by setting a strong password and PIN which consists of letters, numbers, and special characters. Also, if you have more than one account, make sure you set a different password for each one of them so that if data is breached from one account, the other accounts remain safe.
Bank frauds and loan scams in India have become very common as fraudsters have full knowledge of the various cyber-attack methods and tools. And most of these online scams are difficult to catch. So, to protect your money and reduce the chances of getting duped by a fraudster, be attentive and alert when making any financial transactions and do not get lured by fake offers.
CAUTION: If an online deal or offer looks too tempting to be true, it sure is not true!
Savdhaan rahein. Safe Rahein.
How to report a Bajaj Finance fraud or scam
If you receive a suspicious call, message, email, or payment request claiming to be from Bajaj Finance, report it immediately. Quick action can help protect your account and personal information.
Follow these steps:
- Do not share details: Never provide your OTP, PIN, password, or banking information to anyone.
- Collect proof: Save screenshots, phone numbers, emails, transaction details, or messages related to the fraud.
- Contact Bajaj Finance: Report suspicious activity through official customer support channels.
- Report cyber fraud: File a complaint on the official cybercrime portal or contact the cybercrime helpline.
- Inform your bank: If money is deducted, contact your bank immediately for assistance.
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