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Tips to Stay Protected Against Frauds

  • Highlights

  • With the digital economy gaining prominence, online frauds and phishing attempts are on the rise too

  • Staying aware helps prevent identity theft and financial frauds

  • Safeguarding confidential information are some of the tips to stay protected against frauds

With the rise in digitisation, there has also been an alarming rise in the number of financial frauds in the country. Between January and March 2021 alone, over 45,613 cases of loan fraud were reported by 90 banks and financial institutions, according to media reports. These frauds, scams, phishing/vishing attempts leave many of us financially vulnerable.

Frauds can come in many different forms. Identity theft and financial frauds are the most common. With the rise of the internet and digital transactions, phishing and vishing scams are on the rise.

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How To Prevent Online Fraud?

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  1. Safeguard Confidential Information – Never give out confidential information. You must keep your bank account number, login information, password, OTP, CVV confidential to stay safe and protected. Sharing them with unknown people or on social media can leave you vulnerable.

  2. Don’t Believe Offers That are Too Good To Be True – Remember, if the offer is too good to be true, it probably is. Most fraudsters take advantage of our unawareness. Emails, text messages, phone calls that offer exceptional bonuses or services in exchange of advance payment should raise red flags.

  3. Check HTTPS Always – Most of our banking and financial transactions are done through mobile apps or websites. Always use a site with an HTPPS protocol instead of HTTP. Look out for fake websites with incorrect spellings and logos.

  4. Password For The Win – Use strong, secure passwords for all your digital accounts. Use a mix of alphanumeric and special characters. Do not write down your passwords and keep changing them regularly. Do not use the same password across multiple accounts.

  5. Choose Safe Applications – While downloading applications on your smartphone or mobile device, check if they are safe. RBI and other banks and NBFCs periodically flag various applications that use malware to steal your financial information.

  6. Public Networks Are A No-No – Do not use public, open networks to access your financial records or conduct online transactions. These are vulnerable and open to hackers, and information shared over these networks is not safe.

  7. Awareness Is King – Keep yourself updated about how to prevent frauds in banks, the latest phishing/vishing scams, advisory issued by RBI, etc. Awareness will help you stay protected.

  8. Payment Precautions – While transferring funds into your Bajaj Finserv fixed deposit, remember to take the following precautions to prevent scams –

    • Always use RTGS or NEFT. Avoid using other e-wallets or payment services

    • Do not make payments into the accounts of employees of your bank or NBFC. In the case of Bajaj Finserv, make payment only into the registered bank account

    • Ensure that your cheques are made out to “Bajaj Finance Ltd. A/c 00070350006738” (urban region) or “Bajaj Finance Ltd. A/c 201002931983” (rural region)

    • Do not use xerox or photocopies of forms

    • Most NBFCs do not accept payments through cash/DD/pay order

  9. Do not get pressurised – Scammers often pressure victims into taking action without allowing time for consideration. Any financial decision you make must be well-considered and thought out.

 

Know What To Do If Your Fall Prey
Despite your best efforts, if you fall prey to financial fraud, you must know your course of action –

  1. Contact the bank/credit card company/NBFC and put the transaction on hold or block the account, at least temporarily.

  2. Change your passwords.

  3. Contact the local police station and lodge an FIR with all the details.

  4. If it is a cyber-scam, file a complaint with https://cybercrime.gov.in/. Write in or contact your bank. If you are a Bajaj Finserv customer, contact us through https://www.bajajfinserv.in/reach-us

Savdhaan Rahein. Safe Rahein.

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