Bajaj Finance Limited Cautions Customers to Stay Safe Against Financial Frauds on Social Media

Pune, Maharashtra, India:
Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, has cautioned its customers to stay alert against financial frauds on social media and not share any personal details with an unknown source. The company urges customer not to respond to unsolicited offers from anyone and always check all offer related details at its official website only.Bajaj Finance issued a cautionary message to customers over E-mail and their official pages on Facebook, Instagram and Twitter warning them to stay away from fake offers by fraudsters:

(i) luring innocent public with instant loans at unreasonably low to zero rate of interest and requiring them to pay advance loan processing fee, verification fee, GST charges etc.

(ii) by highlighting how the loan scammers create fake Twitter, Instagram and Facebook profiles which are confusingly similar looking to those of Bajaj Finserv and Bajaj Finance social media profiles; and

(iii) by NOT making any upfront payment to the fraudsters who may approach on the pretext of facilitating loans.

Bajaj Finance Ltd., informs that the Company and its representatives does NOT collect any loan processing charges upfront or separately from the borrowers. Further, through the said social media campaign, they made it clear how the loan sanctioning process works i.e, upon sanctioning, as per the credit appraisal process, the loan amount is disbursed and credited to the borrower’s bank account, post deduction of all applicable charges.

Bajaj Finance is the lending arm of Bajaj Finserv, that launched ‘#SavdhaanRaheinSafeRahein’ a public awareness campaign, across all its digital and social media platforms, to educate customers and public at large on various financial fraud risks, spanning lending and insurance. They also released an animated infomercial campaign on YouTube called Naji Naji: Online Fraud Se Bachein to spread the message around the growing incidences of cyber frauds.

The campaign has been developed, taking into cognizance the actual fraud scenarios/cases witnessed by the Fraud and Risk Control units of Bajaj Finance Ltd., Bajaj Allianz Life Insurance Co. Ltd., and Bajaj Allianz General Insurance Co. Ltd., Being a key player in the financial services space, the safety and protection of borrowers and policyholders is critical for the brand and often it becomes important to educate and hand-hold the customers in recognizing these cyber risks, the modus operandi of fraudsters and some quick steps to follow in order to stay protected.

Tips to Stay Protected

Apart from giving the message to its customers, Bajaj Finance has also shared some safety tips for public/customers to stay protected, such as:

• • Never share personal/financial information such as date of birth, Aadhar/PAN details, EMI card number, OTP, Passwords, etc.

• • Stay away from messages or posts with poor grammar, wrongful brand identity, attractive offers received via social media banner or pop-up advertisements

• • Refrain from downloading any third-party mobile apps or documents from any clickbait links sent on social media pages, e-mails, or SMS from unknown sources

• • Beware of fake company profiles created on social media platforms. Check for engagement, pictures used in the logo and the product, date of the profile and the contact details and always opt for the authentic social media handles of the company

• • Before acting upon any suspicious requests, visit www.bajajfinserv.in/reach-us

• • Avoid responding to unsolicited offers, however attractive, received through emails, SMSs, and other social media banner or pop-up ads that look suspicious

Bajaj Finance Limited through its social media pages keeps alerting the customer through cautionary information to help them understand the modus operandi of various scams ranging from social media frauds, phishing attacks and click bait frauds to ensure customers stay alert to protect their money.

To know more ways to stay protected from financial frauds click here  – https://www.bajajfinserv.in/insights/fraud-awareness