Loan Fraud Type 1

Nowadays many people are trying to get loans from banks. A loan may be needed for various reasons. Many of them who are not getting loans, are searching on the internet how to get loans. May be you also searched or searching or will search in future.

There are millions of organizations for these loans on the internet. You compare the interest rates of different agencies and give their phone number, email ID and various personal details for loans on different websites. Since then, calls from various organizations started coming.

You are told to pay a processing fee for crediting the loan to your bank account. You give that money without hesitation thinking that there is a fee for taking the loan. A few days later the company calls you and demands some money in the name of tax. Since the loan is important to you, you also give that money to get the loan. After that the company asks you for money in the name of insurance. In this way, money is asked again and again.

By the time you realize you've been scammed, it's too late and you've already paid a lot of money.

According to the latest government data, cases related to online frauds have come down by about 17.5 per cent in 2021-22 to 128 crores as against 160 crores recorded in the previous fiscal. Interestingly, the amount of fraud decreased but the number of cases increased.

How to protect yourself from loan fraud?

• Verify physical address of the company.

• Check website properly.

• Don’t share OPT/PIN.

• Never do the transaction when you are on call.

• Never scan any QR code otherwise money can be deducted from your bank account.

• Official lenders never ask for advance fee before processing a loan. Instead they charge a processing fees, which is deducted from the loan amount itself.

Others type of loan fraud details are coming soon.