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Detect Loan Fraud


Don’t Become a Victim of Online Loan Frauds :-

  • As per information compiled from various banks, last three years and the current year frauds so far are 2,313 cases and majority of these loan frauds come from (a) Fake Agents representing Corporates / Pradhan Mantri Mudra Yojana (b) Fake Identity Personal Loan Frauds and (c) Fake Instant Personal Loans that are being offered through SMS / WhatsApp.

Modus Operandi :-

  • Scammers do a random calling of numbers alternatively buy the data from dark web of prospective persons who are looking for loans and then use the Phishing techniques later to collect money. Let me explain all three modus operandi separately.
  • Fake Corporate Agents Loan Frauds: Scammers make random calls and alternatively send SMS / WhatsApp and gain confidence on the telephonic discussions and the victims get lured and send their credentials and next step the victim gets Verification Completeness Certificate and also get the scanned copy of the Cheque and as a next step Scammers lures the victim to send 10% GST and another 10% Support Fees and as a next step the Scammers also send the Courier Receipt of the Cheque sent. There were instances where the scammers offers loan to their spouses and redo the same process gain.
  • Fake Identity Personal Loan Frauds: (PAN Card Aadhar Card) are bought by the scammers and they apply for the loan masking with their morphed photographs and start a bank account and maintain regular salary transfers of huge amounts and then apply for loans. Once the loan is sanctioned the scammer disconnects all communications. Usually victims come to know about only when apply for a new loan and they see some has already applied for loans (As reflected in CIBIL). Many at times victims get calls from collection agents asking them to pay the EMI Amounts. Usually in this type of cases the bank employees are also part of the Scammers.
  • Fake Instant Personal Loan Frauds: Victims get SMS / WhatsApp messages and calls the number as in text messages for Personal Loans , when applied the scammers calls the victim and asks them fill few forms which has OTP / UPIN Details and there by lose money.

Warning Signs of Online Loan Frauds :-

  • No credit check required: The scammer will not bother to check the Experian or CIBIL Credit Check Scores and will put more focus on knowing personal details.
  • Lender is not registered with the Government Legally: To continue in the lending business, lenders are required to register with the Government.
  • No Physical Address: Lender not providing a physical address or contact information, then immediately stop contact and do not go ahead with any loan offers. It will be difficult for the victim to reach Scammers at a later point, avoiding any legal action that victim might want to pursue against them.
  • Advance payment: Scammers might demand advance payment of certain fees in the name of GST fees or processing fees. Remember any reputed baker will never ask for payment before processing the loan application.
  • Offer Expires in Few Days: Scammers come up with limited period offers and ask applicants to make decisions urgently using scareware tactics, saying the offer expires soon. Any reputed banker will offer interest rates after evaluating your credit history as in CIBIL.

How to Safeguard Yourself from Online Loan Frauds :-

  • Look for a Secure Payment (https:// – URL with a Pad Lock Symbol).
  • Never share OTP / PIN Numbers in any form, to the buyer or seller.
  • Never do the Payment Transaction while you are on the call.
  • Do not click and fill up any Short Links provided by the buyer or seller.
  • Do not fill google forms links provided by the buyer or seller.
  • Do not the Scan the QR Code, If you are scanning means money is getting debited from your account.
  • Banker will never ask for an advance fee before the processing of loan application. Banks charge a processing fee, which is deducted from the loan amount.