• Apply Now

Money in bank in 24 hours

Apply Now

Catfishing Scams on Social Media are on the Rise. Beware!

  • Highlights

  • What is catfishing?

  • Learn the modus operandi behind common catfishing frauds on social media

  • Discover how to avoid catfishing scam-related online fraud

Today, while the rise of social media and online banking might sound wonderful in terms of ease of convenience, it has also put us at a risk of online banking fraud and scams such as catfishing.

Catfishing is a scam where the fraudster creates a fictional persona or fake identity, most notably in the form of a fake social media profile and uses it to target specific victims. What does the fraudster want? Financial gain or some sort of compromising information of the victim such as personal information, bank details, etc., which can then be used to commit financial fraud later on.


How does catfishing occur?

Owing to growing social media use, catfishing has been on the rise. All the fraudsters must do is create fake social media profiles. Here's how a typical catfishing scam works on social media:

  • Scammer creates a fake social media profile of someone you know - like a friend, a colleague, or a relative

  • The profile is expertly mimicked - right from subtle changes in username to the same photo

  • The scammer adds you as a friend, and if you're suspicious, he pretends that it's a new profile or that their last profile is not accessible anymore

  • As the scammer builds trust with you, he eventually sends you requests to borrow money due to some emergency, or shares a UPI link/fake app/website link where you can make the payment or fill out personal details

  • If you're gullible, you'll fall for the scam and pay the scammer the money to help him out or share sensitive details on the legitimate-sounding links shared by him, thus compromising your identity, social media profile, or even financial security

  • Stammers can also pretend to be representatives of banks or financial firms like Bajaj Finserv, operating through fake company profiles or sharing details of fake company websites to conduct online fraud

  • Lucrative schemes and loan offers promised to trap you into paying money or sharing personal information


How to avoid being catfished?

Catfishing, unfortunately, is a popular banking fraud in India. Here's how you can avoid it:

  • Double-check social media profiles before trusting them

  • If the new profile user claims to be someone you know, confirm the same in person or on call

  • If someone you know suddenly asks for money on social media, their profile might be hacked. Validate with them in person

  • Never share your personal details like bank accounts, passwords, UPI PIN, OTPs, etc., on social media

  • Do not click on any links shared on social media from unverified sources

In case you are contacted with a 'too good to be true' offer by a suspicious social media profile claiming to be from Bajaj or a Bajaj representative, then report it to us at www.bajajfinserv.in/reach-us.

Savdhaan Rahein. Safe Rahein.

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?