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Don’t Lose Your Hard-Earned Money to Financial Scams! Tips to Stay Protected

  • Highlights

  • With an increase in the digital way of life, incidents of glitches in payment processing, data breaches, and hacking have increased too

  • Beware of fake loan offers, cloned websites, identity theft, money mules and fake prizes

Loans with no documentation, low or zero percent interest, and instant approval seem to be the answer to our prayers, more so when we are in times of need. It is, however, important to remember that such messages, emails, and social media advertisements are often baits that are designed to scam vulnerable loan seekers.

Over the past few years, more and more technology-powered financial scams have been coming to light. Even as technology has made shopping, banking, financial dealings, etc. simpler, the internet and mobile devices are increasingly vulnerable to phishing and vishing attacks, financial frauds, and identity thefts. It has become imperative that we understand these financial scams, our vulnerabilities, and take steps to stay protected. 

• Fake loans – One of the most common financial frauds involves fake loans. Loan scams in India have been on the rise in recent years. Scammers send text messages, emails, and even post advertisements on social media sites, offering zero or low-interest loans with no credit check or documentation. These invite the loan seeker to fill out forms with sensitive and financial information that is later used to defraud them

• Fake websites – Loan seekers often search for the website of trusted NBFCs such as Bajaj Finserv using search engines such as Google, Bing, etc. Alternatively, they may look for these websites using social media websites. Online frauds in India are often traced back to fake websites or lookalike websites that are not connected to the NBFC or the bank but are hosted by fraudsters. These again seek financial information or payment for loan approval

• Identity theft – One of the most common banking frauds in India is related to identity theft. This could be done by obtaining your personal and account-related information and using mobile banking or financial apps to transfer out money. The SIM swap fraud is an increasingly alarming occurrence in which the fraudsters obtain a duplicate sim card with your number and gain access to OTPs and messages meant for you

• Money mules – Money mules are victims of the illegal laundering of money. Loan seekers are often encouraged to receive large sums of black money into their account in the guise of instant loans and these are then transferred back into illegal accounts

• Fake prizes – Fake prizes and lotteries are all very common financial scams too. A lottery or prize is announced, and the claimant is induced to pay a small sum as a processing fee or tax. Once this amount is paid, however, the prize is never received

How To Stay Protected

With the advancements in technology, mobile devices and the Internet cannot be avoided. Several precautions can be taken by you to keep your hard-earned money safe.

Do not fall prey to fake loan alerts or advertisements. Most reputed NBFCs and even banks undertake a credit check and disclose the interest/documentation fee upfront. Your CIBIL score or credit rating is an important factor when it comes to eligibility. 

• Do not disclose your account number, EMI card number, phone number, and other details on public forums. Do not part with personal information unless you are certain that you are dealing with a genuine representative of a bank or an NBFC
• Check the website URL or web link for spelling errors and study the site carefully to check for authenticity
• Do not click on suspicious links on social media sites, text messages, or emails
• Register your phone number and email ID with us to receive updates about transactions
• If your SIM card stops functioning, contact your phone network service provider immediately
• Do not transfer money into any account as an advance for a loan or on a promise of a prize or lottery
• Do not share your account number or financial details with unverified entities who promise to transfer a large amount into your account

Caution– Staying vigilant and following basic safety checks can go a long way in protecting you and your hard-earned money from falling into the clutches of financial scams.

For any such queries, visit https://www.bajajfinserv.in/reach-us

Stay alert, stay safe from online frauds in India.

Savdhaan Rahein. Safe Rahein.

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