Beware of fraud

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. They 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 the form of financial fraud. You can report your financial fraud issues to Bajaj Finance Limited.

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 open additional accounts or apply for loans. Resultingly, 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, internet banking 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 of being misused and not getting 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. They might pretend to be from Bajaj Finance Limited or any other lender/financial institution. Once you agree to it and hand over the necessary details, they’ll use it. They might avail of a loan on your behalf and run away with the money. You’ll then be responsible for repaying that credit.
Avoid sharing sensitive personal information with unknown sources and only provide details to trusted and verified loan providers.

Credit card, including co-branded credit card frauds are common sub-types of financial fraud. Here, perpetrators get in touch with you stating that you have won a lottery because of your card, or that 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 frauds, 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.

Since these incidents are rising almost every day, here are some ways to safeguard your financial interest from any type of fraud.
 

• Don’t 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. They won’t ask you to renew it over the phone. Your payment card will be changed once it expires and isn’t renewed.

• Never deposit fees or charges upfront in any third-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 don’t 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.

• Bajaj Finserv customer service portal

• Bajaj Finserv app

• Raise a request

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