The use of digital technology to make online payments is a blessing for people nowadays and has significantly changed consumers' shopping decisions and spending behaviour. While it offers great convenience as one can avail products and services anytime from anywhere, it also comes with the caution to be very careful when making online transactions. Today, online frauds in India are at its peak, with thousands of consumers falling victim to them every year. As the top financial institutes and banks are coming up with a plethora of tools that ensure smooth digital transactions, scammers and fraudsters are also becoming more professional with their hacking techniques. So, consumers need to be alert and aware while making transactions online and trust only secured wireless networks to avoid the chances of falling into a scam.
How are scams done?
If you have an existing relationship with Bajaj Finance, you should be aware of the most common ways through which scammers commit online fraud and dupe consumers using Bajaj Finance’s name.
They pressure consumers to act immediately
Scammers will not give you much time to think and will pressure you to act quickly. They often use psychological tricks to dupe people, like a warning email or a message from an authority, such as a bank, saying that your debit card is blocked which will invoke fear. Or they may offer you a hard-to-resist holiday deal which you may lose if you do not act fast. They use such emotions to exploit one’s ability to make rational decisions.
Through fake links, websites, and calls
Another way fraudsters dupe consumers and do banking frauds in India is through mobile SMS, email, and calls. They offer loans, free coupons, and gift vouchers to build trust and then send a link or a number to call back on to extract money. They may also create a genuine looking, yet fake Bajaj Finserv website and host it on Google/ Bing, etc. Once the victims click on the website’s page, contact details are asked for or a contact number to call on is shared. Victims fall into the trap and share their sensitive details which lead to fraud.
Fake ads and profiles on social media
You may find fake ads on social media platforms like Facebook or Instagram where the scammer will offer you loans from Bajaj Finance. Once the victim clicks on those ads, the fraudsters may ask for Bajaj Finserv EMI Card details and mobile number to conduct a banking fraud. They may also create fake profiles and pages on social media platforms like Facebook with the Bajaj Finserv logo as their display picture. Once the victim contacts them through call or message, they ask for account details and then make transactions without warning.
Tips to ensure the safety from fraud
The main reason why such frauds happen is that people are unable to differentiate between genuine and fraudulent. Here are some easy tips by which you can minimise the risk of losing your money:
Never share your sensitive information with unknown people
Giving out your credentials is certainly the most common way to fall prey to scammers and fraudsters. Do not share your confidential details such as One Time Password (OTP), with unknown people under any circumstance. Also, don’t write these details anywhere. If you have to write your credentials, make sure it in a private and secure place.
Do not use public networks for money transactions
Public hotspots in areas like restaurants, hotels, cyber cafes, and airports have low-security standards so that guests can easily use the network. If you have to make a financial transaction, it is best to avoid making it through these public hotspots or an unsecured Wi-Fi connection. This is because fraudsters can easily eavesdrop on such networks and get access to your confidential information.
Set unique and strong passwords for your account
Another easy way to protect your bank accounts is by setting a strong password and PIN which consists of letters, numbers, and special characters. Also, if you have more than one account, make sure you set a different password for each one of them so that if data is breached from one account, the other accounts remain safe.
Bank frauds and loan scams in India have become very common as fraudsters have full knowledge of the various cyber-attack methods and tools. And most of these online scams are difficult to catch. So, to protect your money and reduce the chances of getting duped by a fraudster, be attentive and alert when making any financial transactions and do not get lured by fake offers.
CAUTION: If an online deal or offer looks too tempting to be true, it sure is not true!
Savdhaan rahein. Safe Rahein.
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