Assessing Your Ability to Recognize Con Artists: Ten Probing Queries
In the rapidly evolving digital landscape, it's essential for individuals to stay vigilant against financial scams that are becoming increasingly prevalent. Last year alone, Indians lost thousands of crores to various fraudulent activities, including fake KYC calls and Ponzi schemes.
One area of concern is the proliferation of fake loan apps that mimic the names of Non-Banking Financial Companies (NBFCs) to appear legitimate. It's important to note that large loans without income proof are not possible in regulated lending. Another red flag is when an app only asks for your Aadhaar photo. Remember, regulated lenders require more than just a photo for identification.
Another common scam involves forgotten insurance policy calls. Genuine insurers will never pay out a policy you did not revive. Fraudsters often mix real KYC details with fake policy claims, and they can even mask their caller ID to look like an LIC official. Always verify the authenticity of such calls before providing any sensitive information.
Investment opportunities forwarded on platforms like WhatsApp should also be approached with caution. If an offer promises daily assured returns, be wary. Such returns are impossible in regulated investments. You can check the SEBI registration of an investment company through official websites to ensure its legitimacy.
The UPI block intimation message is another area where scams are common. Unsolicited requests for personal information, threats of account blocking, and suspicious sender details are all signs of a potential fraud situation. It's important to remember that banks never ask for login details via email or SMS.
Similarly, be suspicious of UPI block intimation messages that come from a domain that does not match your bank. These messages often create urgency with a time limit, and it's important to remember that banks cannot suddenly block your UPI ID with a random SMS.
Lastly, always be cautious of bank KYC emails. Banks never ask for login details via email, and the presence of a logo cannot be proof of authenticity. The threat of suspension is a pressure tactic often used by scammers.
In the coming years, literacy should include scam literacy to protect ourselves from these fraudulent messages. By staying informed and vigilant, we can ensure our financial safety in the digital age.
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