How Online Loan Frauds are created
Online Loan Fraud in India: In India, loan fraud is amongst the top banking frauds. It jumped to 90 % in FY 2019 from 55% in FY 2018. In this type of fraud, fraudsters dupe innocent people desirous of loan, by giving them false hope of providing huge amount of loan at very low rate of interest. How to save yourself from online loan frauds? Phishing: From phishing scam, fraudsters collect details of personal or banking information of potential target. Here are some tips to protect yourself from phishing: Always pay only through secure websites starting with “https”. Never share OTP or PIN with anyone. Avoid transactions while you are on a call. Don’t click on shortened URLs or unknown links. Don’t scan un-trusted QR codes. Never pay advance fee for any online loan. Online Loan Frauds: As per records from several banks, majority of these loan frauds come from - Fake representative or agent from reputed financial sector / Pradhan Mantri Mudra Yojna. Fake identity personal lo