One tap loan, Financial Frauds and precautions to overcome

As India is going towards a golden digital era and last decade has made India well ahead of many countries in terms of technology due to our outstanding technocrats, our loan needs and payment methods is also changed from cash to pure digital as QR code and UPI enables payment by just dialing the phone number and money directly gets debited and credited in account. Along with this financials frauds are also all time high and people are losing there significant money due to lack of awareness.

Further there are many loan partners available who is providing small amount of money with few clicks which looks lucrative, but the hidden charges are the real monster.

This whole Article is divided into two parts former one is on Easy loan charges fraud and later is on UPI payment fraud: –

A: – Easy money loan charges scam: –

While surfing through different social media feeds, I am sure you have come across an easy loan where you can get a loan on click of the button by providing bare minimum documents i.e., Aadhar card and Pan card and initially the loan interest offered to you is also very low.  However, This small amount is required by persons who are already in fund crunch and in future if they misses even one EMI, Penal charges are so heavy that they come out with this after suffering through a lot and if they refuse to pay these charges they would be categorized as defaulter and they started receiving collection threat calls and if they still refuse to pay, There all contacts get such threat calls, even there morphed photos gets circulated on the contacts with defaulter and other defamatory tags. Now you must be wondering how they got all the access, so the answer is this whole cycle run through the mobile application and they get access through all your contacts and mobile data which includes your private photos.

Precautions :- First of all, you should avoid all such loans and try nationalized banks for your fund requirements, however if you are already trapped in such situation and charges are unreasonably high and you are not in condition to pay. Below are the remedies available to you: –

1. File  police complaint against recovery against abuses you have gone through with

2. File a case against a loan company carry loan documents, please ensure what you have agreed and what they are charging. (Chances are low as these companies plays very smart and they keep this under there twisted terms and condition).

3. File the compalaint in RBI against such organization

Further, I request RBI to take cognizance of the same and take action against such loan companies and I am quite sure that they are already in process of the same.

B: – Online payment scam:

1. Card activation scam – This is one of the oldest scam where person on call portray himself as bank official and informs you that your card is getting blocked and you will not be able to use your money in your bank account and only way to solve this is you can reactivate the card by sharing the existing card details along with the OTP as soon as you share the details and OTP your money is wiped from your account.

2. Buyer link scam:- This scam is very common now a days, whenever you make any post on different website for your used products on different website and you get a call from scammer who personates himself as buyer and ready to pay the price quoted by you without actually looking at the product and ready to pay the price upfront through UPI link, where he send you a link and says to put your code to receive the money which is actually a payment request link as soon as you punch your UPI pin your money in bank account is wiped out.

Easy money loan charges and Online payment scam

3. Credit card freebies scam:- This is a new scam, where you get a call from scamster and they have your basic details and says looking to your profile we are offering you a freebie such as luxury bag, expensive watch or some gift voucher and for that you need to confirm your address to get delivered once you confirm this. They will ask your card details and OTP and your money will be wiped.

4. Fake customer care scam: – Many times our fund gets stuck in UPI and payment gateway due to server issues and for that we try to reach customer care to resolve the issue. To connect with the customer care we surf it on internet. On search engine scamster put their numbers as customer care and they ask you to put your UPI pin to get the refund on the link sent by you and they cheat you through the payment link option as described earlier.

5. Fake merchant scam:- Many times we search popular vendor on google for their contact number, however scamster people saved there number and you get connected with those people, they will tell you exact details of shop and ask you to transfer money for delivery and on good faith you transfer the money for goods which is not going to receive you ever.

Precautions: – Always check before putting UPI that whether you are receiving the money or paying it, always check the website is it official or fake one and if possible, try payment on delivery.

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