Fraudsters Are Showing Fake Ads In The Name Of Giving Loans, Keep Yourself Safe In These Ways

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Fake Ads: Nowadays the number of loan borrowers is increasing rapidly. Every bank wants to give loans to its customers at any cost. Given this, the number of fraudulent loan advertisements has also increased.

These ads often prey on people who are struggling financially. Such fraudsters promise quick and easy loans without any paperwork or credit checks. These loans often have high interest rates and hidden charges.

According to the RBI’s Handbook on Modus Operandi of Financial Fraudsters in the NBFC Sector, scammers issue fake advertisements offering personal loans at very attractive and low interest rates or easy payment options or without the need for any security etc.

This is how fraudsters make you their prey

Fraudsters send emails containing such offers and ask borrowers to contact them.

In order to gain credibility and build trust with the gullible people who are in dire need of loans, these email IDs are made similar to the email IDs of senior executives of reputed/genuine Non-Banking Financial Companies (NBFCs).

When borrowers approach fraudsters for loans, the fraudsters take money in the name of various upfront charges like processing fee, Goods and Services Tax (GST), intercity charges, advance equated monthly installment (EMI) etc.

These fraudsters are so clever that they create fake websites just like official banks or NBFC banks.

How to protect yourself from fake ads

Do not provide your personal information as legitimate lenders (banks or NBFCs) do not ask for your personal information before applying for a loan.

Before applying for a loan do research, know about the lender. Visit their website and read reviews from other borrowers.

Be wary of advertisements on social media or in unsolicited emails, these advertisements are more likely to be scams.

Do this if you have become a victim of fraud

If you are still a victim of fraud, you should report fraudulent loan advertisements to the appropriate authorities. You can lodge a complaint with the Cyber Crime Cell of your local police station or report on RBI’s SACHET portal (https://sachet.rbi.org.in).