Fake or Real? Today, fraudsters offering financial products such as loans, credit cards are no longer headlines. It is so rampant that we have come to accept it as part of our dealings with the outside world! These so-called financial offers, usually offered at attractive rates, come our way mostly from private individuals claiming to represent banks or financial institutions, are less likely to raise suspicion.
Modus operandi includes calls with lucrative offers, phishing sites to lure customers to reveal personal details, identity of bank staff including ID card, approvals on counterfeit letterhead and craftily designed seemingly-genuine text messages.
How alert do you need to be? Absolutely on your guard! Awareness that such crooks and fraudsters exist is step one. The next time there is a call or an offer too-good-to-be-true, do not believe it just when you see it! Be wary of social media post or e-mail offering the best deal or a pre-approved loan and do not take the offer without first acting suspicious and verifying the credentials of the source. All banks have a toll free number, so it is best to reach and verify the offer before going head.
Prevention is key
Some best practices
What to do if scammed already
An offer for low interest and quick funding may sound enticing, but one must do a quick research of offers one receives. Seek more details, ask enough questions and do a thorough check of the information provided. Obtain name and contact number of the caller. Analyse the terms and conditions of the offer and listen to your gut if it tells you something is off.
(The author is Chief Risk Officer - Fincare Small Finance Bank)