New Delhi. As India’s economy is becoming digital, cyber fraud is also becoming smarter and more dangerous. Seeing the fast availability of personal loans, many people trust apps or websites without checking. For this reason, fraudsters are becoming successful in stealing personal information and money from people by creating fake platforms. This fraud not only causes financial loss but also creates the risk of identity theft, due to which the person can face financial problems for a long time.
Fake loan apps: the biggest threat
The most common and fastest growing scam is that of fake loan apps. These apps look absolutely real and collect information like Aadhaar, PAN, bank details from people. Once the data is received, these fraudsters disappear and do not even give any loan. Later the same data is used to issue new credit cards, conduct unauthorized transactions and cause serious financial losses. Experts recommend always applying for loans through RBI-recognized apps or only from the official website of the bank/NBFC.
first fee collection scam
Many fraudsters demand to deposit money first in the name of processing fee, insurance charge or other fake charges. They do not even give a chance to doubt by luring them with fast approval and giving big loans. As soon as the victim transfers the money, these scammers immediately disappear. The reality is that genuine banks or NBFCs never demand such payment before approving any loan. If any organization says something like ‘First give money, then you will get loan’, then understand that it is a fraud.
Phishing calls, emails and fake document verification
In this scam, fraudsters pretend to be employees of a well-known bank or financial institution and send calls or emails. They ask for OTP, Aadhaar number, PAN or bank details from customers. Many times they hack users’ mobiles by sending fake links. Similarly, some fraud agents ask for original copies of documents or high-resolution photos and later use them for wrongdoings. Experts say that under no circumstances should OTP or bank details be shared with anyone, even if they claim to be representatives of a government organization.
Guaranteed loan approval hoax
Some fake companies claim that they will definitely approve the loan without worrying about any document check or credit score. Instead, they ask for advance payment in the name of ‘security fee’ or ‘registration fee’. The truth is that no legitimate financial institution offers 100% guaranteed loans. There is almost always fraud behind such promises, so it is important to stay away from any such scheme.
How to avoid these new age frauds?
The first step is vigilance. Before applying for any loan, it is important to thoroughly check the app, website or agent. Must check the verification list of RBI, SEBI or official banking platforms. Do not open any suspicious links on your phone or email or give OTP or financial information to any stranger. Always take loan from a trusted bank or NBFC and do not take the decision under any pressure of ‘hurry up’.
