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What to Do In Case of a Financial Fraud?

  • Highlights

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

  • Common ways in which financial fraud occurs

‘An SMS in the middle of the night conveying that a transaction has been made on your Bajaj card, even when the card is in your possession and you are nowhere involved’- the situation is enough to unnerve anyone.

Awareness goes a long way in preventing fraud!


With an expansion of the digital way of life, there has been a steep rise in the use of digital for conducting normal activities including financial transactions. While online payments have made life easier and convenient, incidents of glitches in payment processing, data breaches, and hacking have also increased considerably. Financial frauds occur when someone harms your financial health or deprives you of your money through deceptive, misleading, or other illegal and fraudulent practices. 

Common ways in which financial fraud is perpetrated 

It’s a no-brainer that fraudsters are smart individuals who are constantly searching for new ways to defraud you. Here are some of the most common ways they commit frauds and loot the innocent:

Identity theft: This involves stealing personal financial information such as bank account details, credit card details by a scammer who will use it to make fraudulent withdrawals from your account. The information is also used at times for opening credit or bank accounts, leaving the victim accountable for all the charges. Identity theft frauds may result in bounced checks/denied payments, damaged credit card ratings, and leave the victim being chased by collection agencies

Investment fraud: This is the type of fraud in which you will be presented with misleading information on investments and securities. It may also comprise hidden facts, false promises, and tips or offers that are too good to be true 

Mortgage and lending fraud: Once the fraudster has managed to gather all your information, he will use it to open a mortgage or loan. Alternatively, lenders may also sell loans or mortgages with deceptive practices, inaccurate information, and other high-pressure sales tactics

Mass marketing fraud: This type of financial fraud is committed via mass telephone calls, e-mails, SMSes, fake social media profiles, gift card websites, and ads on social media. It also includes fake charities, lotteries, honour society invitations, and more. These modes are used for stealing personal financial information and putting it to fraud use

How to stay protected from such frauds? 


An informed and vigilant customer is always secure. Be aware of the different types of financial frauds and the latest fraud trends that may put your hard-earned money at risk. 

• Get a pop-up window blocker. This will prevent fraud ads from appearing on your screen in the first place
• Make sure to scan your device, be it a tablet, laptop, PC, or mobile phone for viruses regularly 
• Keep changing your password from time to time. Also make sure to use a unique, difficult to predict password to secure your financial apps/accounts and reset it straight away if any suspicious login activity comes to your notice 
• Do not download files from unreliable or unfamiliar websites and never share any confidential details with anyone, even if that person claims to be from a bank
• Do not pay heed to unverified sellers on social media websites. Always confirm their authenticity first and then make a purchase if you must

Wondering what to do if you fall victim to financial fraud? Read on:


With the events still fresh in your memory, collect all the information and documents you would need for reporting or investigating the fraud. Keep a record of all the conversations you’ve had with the fraudster and take screenshots, if possible. Do not delete anything. Some of the documents and information to collect include:

• Titles/names/profile/position used by the fraudster
• Group posts, interactions, or chats
• Web addresses and screenshots
• Email addresses and emails, either saved or printed with complete information
• Phone numbers used while interaction
• Account information, trade confirmations, disclosures, sales materials, and statements
• Any correspondence received including envelopes

Report the incident to your bank/NBFC/financial institution and police station immediately, get your account/card blocked and let the cyber-crime cell of your area know that you have been defrauded.

As a victim, it’s your responsibility to report your fraud incident to the cyber-crime cell of your area. The earlier you report, the better it is. Quick reporting enables authorities to work towards money recovery more effectively. Have your city’s/state’s cyber cell’s contact number handy to be able to address any issues concerning cyber-related crimes.

For any such queries, visit https://www.bajajfinserv.in/reach-us if the incident involves an imposter defrauding you under the name of Bajaj. We’ll take an immediate action at our end to address your concern in the best way possible.

Caution - Remember your safety is in your hands. So, stay vigilant, be informed, and be careful with your money.

Savdhaan Rahein. Safe Rahein.

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