Money Saving Tips

Loan Frauds in India https://www.fundstiger.com/loan-frauds-india/ Loan frauds as a percentage of total banking frauds jumped to 90% in fiscal 2019 from 55% in fiscal 2018 after regulatory standards were changed for banks reporting non-performing assets (NPAs). How to safeguard yourself from such frauds Fraudsters in phishing scams obtain details of personal or financial information of the victim 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 transactions while you are on call Do not click and fill up any short links provided by the buyer or seller Do not fill google forms provided by the buyer or seller Do not scan QR codes, if you scan, it means your money is getting debited from 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 Online Loan Fraud Don’t become ...

Loan Frauds surge in FY19 https://www.fundstiger.com/loan-frauds-surge-fy19/ Loan frauds as a percentage of total banking frauds jumped to 90% in fiscal 2019 from 55% in fiscal 2018 after regulatory standards were changed for banks reporting non-performing assets (NPAs). Loan frauds increased year-over-year to Rs 64,548 crore in 2019 from Rs 22,558 crore, even as frauds in other segments such as debit & credit cards, online banking and forex declined. State Bank of India reported fraud of ₹25,400 crore followed by Punjab National Bank of ₹10,800 crore and Bank of Baroda of ₹8,300 crore. Interestingly, the share in these frauds of public sector banks is as high as 90% in terms of the amount lost. And for high-value frauds that is, Rs 50 crore or more the share of PSBs rose higher to 91.6%. “This mainly reflects the lack of adequate internal processes, people and systems to tackle operational risks,” the RBI said in a recent report. It also said that the “spike in the numbe...

How to report a Net Banking, Debit or Credit Card Fraud? https://www.fundstiger.com/report-net-banking-debit-creditcard-fraud/ With the increase in the digital way of life, especially when it comes to financial transactions, the risk of financial frauds cannot be ignored. A fraudulent online transaction in one’s bank account, debit or credit card could be because of e-mail spoofing, phishing or it could have been an act committed by cloning one’s card. What to do in case of a Credit/Debit Card Fraud? The moment you come to know that a suspicious transaction has been done on your credit/debit card, inform the card issuer immediately. One should lodge a formal complaint with the bank and ideally call up the customer care number to block the card or the account immediately. How to file a Complaint? If you a fraud related to net banking, ATM transactions, or any other online transaction happens, you have to raise a complaint. But, before filing a written complaint with the bank...