Personal loan: A 45-year-old man from Marredpally in Telangana recently fell victim to fraud. Fraudsters managed to secure a loan in his name and transferred over ₹13 lakh in several transactions.
This happened after someone fraudulently got a ₹12.5 lakh loan approved in the victim’s name, only to transfer the money from his account to their own accounts. Besides the loan amount, he also lost ₹50,700 from his current account, reported India Press.
This was quite an unusual case and does not happen to every other customer. Getting the loan approved in someone else’s name requires either collusion of bank officials or a high level of technological prowess and manipulation by the fraudsters.
However, each financial crime teaches us some valuable money lessons. And this one, too.
These are 5 money lessons one can learn:
I. Do not download suspicious apps: Sometimes, fraudsters use fraudulent apps to access the victims’ devices. So, one has to be careful about downloading any app that appears suspicious.
II. Do not open messages or links: In addition to mobile apps, some unauthorised links are also sent via messages. Clicking these links can compromise data, so one should refrain from opening any such unauthorised message.
Notably, TRAI last year had instructed all telecom operators that only whitelisted links are allowed to be sent via SMSes. This rule came into force on 1 October 2024.
III. Report to bank officials: If you suspect something, you should immediately report it to the bank officials to flag your concern. This may lead to a change of your PIN or netbanking password, but it is worth the effort instead of regretting it later.
IV. Two-factor authentication (2FA): At times, you may want to quickly access your netbanking, and so you skip a step for instant access. On the contrary, you should opt for two-factor authentication for a robust safety framework.
V. Social media usage: While using social media, one must be careful about the picture and background. There are some cases where users unknowingly share their credit card details, date of birth (DOB) and other personal details, making it easier for fraudsters to steal their money.
Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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