Stay Alert: Beware of Digital Lending Frauds

Protect yourself from Digital Lending Frauds

Digital Lending frauds are on the rise. Fraudulent loan apps and fake lenders are targeting people with tempting offers and instant approvals. Always check details of the lender before clicking on any ‘Apply for a Loan’ link. This one step of caution can help you avoid big financial losses. Important checks to be done before applying for a loan online: • Verify the lender’s credentials, read reviews and check their website, social media handles and customer support. • Avoid using unverified or third-party apps / websites that are promoted through social media or messages. • Ensure that the lender is registered with RBI. • Never share your PAN, Aadhaar Number / Card, account details or OTP with strangers. • Beware of loan offers that sound unbelievably attractive, e.g., low interest rates, guaranteed approvals, etc. Look out for hidden fees and charges. • Understand the loan agreement including the repayment terms, interest rate and fees before applying. Refer to the Safe Banking tips given at the links below to ensure your safety while carrying out online banking: Click here for safety tips related to Mobile Banking Click here for safety tips related to Net Banking

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