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FD Fraud: How to Stay Protected

  • Highlights

  • Fixed deposit frauds have emerged as a new type of cyber fraud

  • Financial institutions never ask for your OTP/personal information

  • Beware of phishing emails, asking for your sensitive personal details

In wake of the COVID-19 pandemic acting as a catalyst for digitalisation, cybercriminals too have increased their activities to conduct frauds. Today, we not only have to focus on keeping safe from the deadly coronavirus but also be mindful of cybercriminals. The fraudsters have long been targeting users digitally to conduct illegal transactions.

When it comes to FD frauds, customers should be aware of all the details being captured while booking FD, especially the nominee section. It is crucial to appoint a nominee for your assets in order to ensure that it reaches the right person (appointed by you) after your demise. In addition to this, customers should ensure that their correspondence address and mobile numbers are updated with their FD issuer at all times. Important notices and messages concerning fixed deposit liquidation are sent on these.

Almost all banks & NBFCs have portals where customers can view all details pertaining to their FD and conduct transactions accordingly. That said, it is important to note that:

1. Customers should not share their portal details with anyone since it may lead to leakage of their sensitive or personal information which can be misused: In case this information goes into the wrong hands, it can be used to conduct fraudulent transactions. To avoid such a situation from arising, ensure keeping a tab on your portal and track every transaction.

2. Ensure you are inputting the correct details: OTPs are sent on the applicant’s registered mobile number. So, it is mandatory to ensure that you provide your bank or NBFC with correct contact details. Providing the wrong number would mean a third-party getting access to your OTP and your FD portal. This can further lead to fraudulent transactions. In addition to this, you must also ensure that the instruments to book FD like cheque is issued in the name of financier with account payee marking.

 

3. In case of a change of bank account number (where FD liquidation value is transferred), ensure you proactively inform your bank/NBFC about it: This is an extremely important point to keep in mind. In case the bank is not alerted about the change of bank account number, your money might get transferred to the wrong account and you might end up losing your hard-earned money.

4. Never attend unsolicited calls, even if they claim to represent one’s bank, and share sensitive details of over telephonic communication: Always avoid falling for phishing scams related to FD. In order to do so, you must stay away from answering suspicious emails, calls, and messages asking for your FD details or any other personal information.

How to Stay Safe?

Do’s -

  • Always provide correct nominee details in the given nominee sections.

  • Ensure providing your active or current mobile number and email ID in the contact details section.

  • Always use direct FD booking through the Bajaj Finance portal or via cheque payment in favour of “Bajaj Finance Limited” only.

  • If a request is raised from the branch, ensure filling up the correct information in the request form. Also, make sure that you provide legitimate supporting documents before submitting them to the BFL representative.

Don’ts -

  • Do not share your OTP with a third-party or with any BFL representative for any KYC change request or financial transactions.

  • Do not give your handset/mobile with third parties for any financial transactions or KYC change requests.

  • Do not issue blank/self-cheque for FD booking and make it a point to always mention “Bajaj Finance Limited” with account payee marking.

  • Avoid sharing your banking/EMI card/credit card information with third-party/BFL representatives. A lot of time, telecallers claim to represent Bajaj Finance Limited or other banks. However, it is important to be aware of such fraudulent calls and avoid them at all costs

  • Do not pay any kind of advance fee or amount in cash or digital payment to those pretending to be Bajaj representative for FD booking

 

It is important for customers to not share their personal or banking details with anyone. The only way to be able to tell the difference between fake and genuine representatives is by being mindful of the fact that no representative would ever ask for personal details like password/OTP/CVV/Card number over the phone, via email, or in any other way.

If there has been a sudden deduction from your bank account and a ‘bank official’ calls you to fix the issue, it is always wise to verify the caller before responding or taking action. If you believe you have fallen victim to a fixed deposit fraud, make it a point to register an FIR with the local police, intimate your bank and also reach out to us at www.bajajfinserv.in/reach-us.

Savdhaan Rahein. Safe Rahein.

Read more at:
• Cautionary Note - https://www.bajajfinserv.in/cautionary-notice-new.pdf
• Infosec Page - https://www.bajajfinserv.in/infosec-pages
• Fraud Awareness Blog - https://www.bajajfinserv.in/insights/fraud-awareness

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