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 are not involved in this transaction. Indeed, it is 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. They can now apply for a loan or make a payment from the comfort of their home. However, it has its drawbacks too, which comes in financial fraud. If you are a Bajaj Finserv customer, you can report a fraud by logging in to our customer service portal - My Account. If you aren’t an existing customer, you can call us on our IVR number- 86980 10101 or email us at wecare@bajajfinserv.in.

Read on to learn more about frauds, their types, and ways to prevent them.

Common types of financial frauds

Here are some common types of frauds to be wary of –

A. Identity theft

In such cases, a perpetrator will steal your personal financial details like credit and debit card information, bank account details, etc. They will then make fraudulent transactions using them, or open additional accounts or apply for loans. Resultantly, you will be accountable for all these, and in case of any ill practice, you will be held responsible.

Identity theft is a common fraud, which has been on the rise in recent times.

B. 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 of misusing and ultimately not gaining any returns.

C. 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 will use it, avail a loan on your behalf and run away with the money. You will then be responsible for repaying that credit.

D. Payment card frauds

Credit and debit card scams 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 will collect necessary card details and OTP to initiate transactions through it and leave you empty-handed.

Apart from these, mass marketing frauds claiming various prizes, schemes, etc., are common financial scams.

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. 1 Once you see that your safety is compromised, call your financial institution immediately
  2. 2 Block all your accounts, payment cards, and any other financial services associated with it
  3. 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 –

  1. Name/ Title/ Position/Profile of the criminal
  2. Screenshots of posts and chats
  3. Related web addresses
  4. Emails
  5. Phone numbers
  6. Account information, disclosures, sales items, any statements
  7. Any physical documents

For more details on fraud awareness kindly go through the cautionary notice posted on our official website.

Cautionary Notice

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 -

  1. Do not share your debit or credit card PIN, internet banking password, or any details regarding your bank accounts with anyone
  2. 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
  3. Never deposit fees or charges upfront in any 3rd party account, UPI, wallet etc
  4. Respond and trust on emails received from registered domains of the company only
  5. 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
  6. Make a habit of changing your PIN and passwords at regular intervals
  7. Always use secured payment gateways and renowned online platforms to make payments
  8. Block the pop-up option on your browser, and do not surf unsafe or dubious sites
  9. Try not to click on any hyperlink or other links that you receive via messages or see online
  10. Do not download files from unreliable websites
  11. Do not encourage unknown sellers on social media; instead, confirm their authenticity before purchasing
  12. 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

How do I report online fraud?

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.

What details are required to file a complaint regarding fraud?

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.

What should I do If I suspect fraudulent activities on my Bajaj Finserv EMI Network Card?

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.