The best way to keep protected against fraud is to stay vigilant. Fraud in relation to financial products happens very quickly and chances to catch fraudsters and recover money is very less. As a part of our endeavour to protect our customers from different kinds of frauds and scams, we try to make our customers aware of  different kinds of frauds/ scams, and how to identify and protect from them.

 

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A. Type of frauds

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Some of the common type of frauds are as follows:

 

1. Phishing : Phishing is a technique employed by scamsters to illegally procure personal information like Bank Account Numbers, Internet Banking user Id, passwords etc.

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2. Vishing : Vishing is a combination of the words ‘voice’ and ‘phishing’. Vishing is very similar to phishing - the only difference is the technology. Vishing involves voice or telephone services. A typical vishing call involves a scammer, posing as an employee from your bank or another organisation asking for your personal details. 

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3. Smishing : A form of phishing, smishing is when someone tries to trick you into giving them your private information such as passwords or credit card numbers via a text or SMS message.

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4. Identity Theft : Identity theft is the way of obtaining the personal or financial information of another person to use their identity to commit fraud, such as making unauthorized transactions or purchases.

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B. Ways to Protect yourself

 

1. Always remember that True Balance will never send you an SMS/ Whatsapp message using a personal mobile number.

 

2. True Balance or its lending partner never asks customers to pay upfront processing fee/ commission in cash for loan approval, since applicable processing fees are always debited from your loan amount at the time of disbursement by the respective lender.

 

3. True Balance or its lending partner never ask customers to transfer payment online using UPI/NEFT/IMPS/others to a personal bank account which is not of the company.

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4. True Balance or its lending partner always ask customers to repay their loans using True Balance Mobile App and never force them to pay using an external payment link to any individual name or account.

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5. Don't get misled by fake customer care numbers/ email ids shown by fraudsters on 3rd Party Websites or Social Media pages. Please ensure that you always procure customer care details  from our official website or True Balance App.

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6. True Balance officials or representatives will NEVER ask you for your personal information i.e. your card details, passwords, PIN, CVV, OTP etc. DO NOT share these details with anyone over Phone Call, SMS, Whatsapp or Email.

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7. Do not reply to suspicious loan offers, repayment/ settlement offers, cashback  or other financial incentives unless you seek clarification from our Customer Service team.

 

8. Always keep your mobile phone and its data secured/ locked and do not give your mobile phone to anyone for fetching/ entering your personal details.  

 

9. Do not click on any dubious links/ apps which lures customers to share confidential details/ credentials.

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10. Do not respond to fictitious offers, online lottery, fund receipt (sometimes using the name of RBI, NPCI, IRDA etc.) that may be received through letters, e-mails, mobile phone calls, SMS, etc.

 

11. Always ensure that your lender is duly authorised to grant loan and do not forget to ask your digital lending platform about the actual lender. Do not fall prey to unauthorised lending platforms/ Mobile Apps promising quick and hassle-free loans.

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12. When in doubt, just call / email to our Customer Service team to enquire about the personal mobile number, or personal SMS/Whatsapp message that you may have received pretending to be on behalf of the company. Also share with us a screenshot of the message as it will help us to investigate the same. Without enquiring from our Customer Service team, DO NOT PAY ANY AMOUNT TO ANYONE WHO IS REACHING YOU THROUGH PERSONAL MOBILE NUMBER, OR PERSONAL  SMS / WHATSAPP MESSAGE.

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C. Some examples of fraud

 

1. Fraudster calling/ sending whatsapp messages to the customer impersonating to be Company’s employee - 

The fraudster calls/ sends an SMS/ Whatsapp message to the customer from the personal mobile number, pretending to be the Company's employee. Fraudster lures the customer that in order to receive the Cashback benefit, the customer has to pay a nominal  fee and shares the payment link of his personal account . The customer without enquiring from the Customer Service team of the Company makes payment to the fraudster's personal account.  

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2. Fraudster asking upfront processing fees/ commission in cash from an individual  for processing the loan through True Balance App :  Fraudster approaches an individual saying that he can arrange a loan through True Balance App, if the customer will make upfront cash payment to the fraudster. Customer without inquiring from the Company's Customer Service team, gets lured from the statement of the fraudster and pays upfront fees to get his loan processed. However, later the customer realises that it was a fraud.  

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3. Sending of dubious links/ apps to lure customers by fraudsters : A customer received a call from the fraudster stating that his KYC is being expired soon and in order to continue availing services on True Balance App,  he/she needs to complete KYC from the link being sent by the fraudster through SMS/ Whatsapp. The Customer immediately inquired from the Company’s Customer Service team who advised him NOT to install or open any link being sent by any third party.  

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D. Reporting of Fraud

 

Immediately report such cases to cs@balancehero.com OR call our customer care number 0120-4001028 and report the same to us with a screenshot of the message and calls of fraudsters.​
 

Date of Publication on True Balance website - October 27, 2021