Types of financial frauds to be aware of
Imagine receiving an SMS stating that your account has been debited with a certain amount, but you aren’t involved in this transaction. Indeed, it’s a nightmare scenario and enough to put anyone in distress.
The rise of digital services, especially in the finance sector, has brought convenience for users. Users can now apply for a loan or make a payment from the comfort of their home. However, it has its drawbacks too, which come in financial fraud. If you’re a Bajaj Finance, you can report your financial fraud issues by reaching out through our multiple channels – customer portal or IVR.
Common types of financial fraud:
- Identity theft:
In such cases, a perpetrator will steal your personal financial details like credit and debit card information, bank account details, etc. They’ll then make fraudulent transactions using these details. They might also open additional accounts or apply for loans. Eventually, you’ll be accountable for all these, and if there is any ill practice, you’ll be held responsible.
Stay safe and don’t share your debit or credit card PIN, NetBanking password, or any details regarding your bank accounts with anyone.
- Investment fraud:
In such cases, an individual may approach you with a lucrative investment option promising returns that are too good to be true. In such cases, you leave your funds and personal information at risk. This might result in misuse of your information and not gaining any returns.
To stay safe from investment fraud, conduct thorough research, verify investment opportunities, and consult with trusted financial professionals.
- Lending frauds:
This is another sub-type of financial fraud that has been gaining traction recently. Scammers will contact you, offering fake loans at an unusually low-interest rate by pretending to be from Bajaj Finance. Once you agree to it and hand over the necessary details, they’ll use it, avail of a loan on your behalf and run away with the money. You’ll then be responsible for repaying that debt.
To protect yourself from loan fraud, be careful of unexpected loan offers and verify their authenticity through official channels. Avoid sharing sensitive personal information with unknown sources and only provide details to trusted and verified loan providers.
Payment card frauds
Credit and debit card frauds are common sub-types of financial frauds. Here, perpetrators get in touch saying your card has won a lottery, or your card will expire soon, and other misleading information. After that, they’ll collect the necessary card details and OTP to initiate transactions through it and leave you empty-handed.
To stay safe from credit and debit card fraud, be cautious of unsolicited communications requesting personal information or card details. Avoid sharing sensitive data, and never provide your card details or OTP to unknown individuals or sources.
Steps to follow if you fall victim to a fraud
Falling in such traps is not an uncommon thing, as the fraudsters come prepared with every tactic to lure you. However, being prompt and aware can save you from lasting damage in an unfortunate case like this. Here is a brief guide on what needs to be done –
- 1 Once you see that your safety is compromised, call your financial institution immediately
- 2 Block all your accounts, payment cards, and any other financial services associated with it
- 3 Get in touch with authorities, and lodge a formal complaint in the police; the sooner you do it, the better
Moreover, gather as much information as possible about the fraudster and hand it over to the authorities. It will help them to track the culprits easily. Some of the information and documents that you need to gather include –
- Name/ Title/ Position/ Profile of the criminal
- Screenshots of posts and chats
- Related web addresses
- Phone numbers
- Account information, disclosures, sales items, any statements
- Any physical documents
For more details on fraud awareness kindly go through the cautionary notice posted on our official website.
Ways to avoid falling victim to financial frauds
Since these incidents are rising almost every day, here are some ways to safeguard your financial interest from any type of fraud -
- Do not share your debit or credit card PIN, internet banking password, or any details regarding your bank accounts with anyone
- Financial institutions do not call you to remind you of the expiry of your payment card and will not ask you to renew it over the phone. Your payment card will be changed once it expires and is not renewed
- Never deposit fees or charges upfront in any 3rd party account, UPI, wallet etc
- Respond and trust on emails received from registered domains of the company only
- Financial institutions cannot offer unusually high returns or give you loans at unnaturally low-interest rates. They need to abide by the rules of various Regulatory bodies; thus, be careful
- Make a habit of changing your PIN and passwords at regular intervals
- Always use secured payment gateways and renowned online platforms to make payments
- Block the pop-up option on your browser, and do not surf unsafe or dubious sites
- Try not to click on any hyperlink or other links that you receive via messages or see online
- Do not download files from unreliable websites
- Do not encourage unknown sellers on social media; instead, confirm their authenticity before purchasing
- You cannot win a lottery that you have not participated in, so do not reply to such ads and emails
Several types of financial scams are on the rise, but you can easily steer clear of them if you can be cautious and aware.
Frequently asked questions
You can now report fraud using the customer portal or the Wallet app. Additionally, you can call on +91 86980 10101 to register a complaint regarding financial scams.
Initially, you can contact customer care stating your issue and requesting them to block all services against your name. Afterwards, you need to submit any call recordings, emails, a screenshot of the conversation, and account details to move forward with it.
If you suspect any fraudulent activity on your Bajaj Finserv EMI Network Card, immediately report this to Bajaj Finance Ltd by typing FRAUD and sending this SMS to 8745820000.
Alternatively, you can also raise a request/query with us by following these steps:
- Go to the 'raise a request/query' page by clicking here
- Select ‘Product/Service’ as 'Cards'
- Select 'Product Type' as 'EMI Card'
- Select 'Product Description' as 'EMI Card'
- Select 'Query Type' as 'Transactions'
- Select 'Query Description' as 'Fraudulent transaction on my card'
- Type your query details
- Attach supporting screenshots/files
- Provide your alternate email ID and mobile number (If any)
- Click on 'Submit'
After submitting the request successfully, your Service Request Number (SRN) gets generated instantly, and our customer support representative connects with you within 2 business days to resolve your query.