In the present scenario of digitization, scammers are increasingly adopting new ways to con people. As security systems have improved in the areas of banking and other digital sectors, scammers are finding new ways to trick people. There are organizations or syndicates all over India, who operate by using malicious software via e-mails or make calls to cheat customers into availing certain services.
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There are several ways in which scammers can trick you and make profits. Listed below are ways in which financial fraud takes place:
In case an individual willingly makes cash transactions or gives out personal or financial details, the banks do not comply with the requests and often refuse to refund customer’s money. The customer can make a complaint to the banks ombudsman. But no matter how much we sympathize with the customer, the ombudsman can only tell a bank to pay up if there’s an indication that the bank has failed to follow the regulations or rules that might have resulted in the loss.
In cases where someone has been tricked into handing over passwords or OTP allowing fraudsters to get the money, customers must inform banks within a requisite time.
It is mandatory for government banks to have customer grievance redressal centers, as suggested by the RBI. Some of the government banks hardly care for the queries or grievances of customers. One of the main reasons why customers are getting increasingly conned by scammers, is because of sheer bank negligence.
Phishers are the ones who are gaining from frauds. The person who is being conned is unaware of the ways one can get scammed and consequently gets easily fooled into paying money, in the name of advance payment, insurance or security money.
The government has appointed a Lokayukta commission which is an anti-corruption ombudsman organization in the Indian states. The lokayukta investigates cases of corruption and takes action. The lokayakta is appointed to bring transparency in the system and make the administrative mechanism more citizen friendly.
Financial scams are rampant with banks and LIC agents cheating customers who are persuaded to purchase unknown financial products just to pocket commissions. IndianMoney can save you by giving proper information on all financial products and guiding you, so that you make a secure investment without being cheated.
Are you cheated by financial scams? Lodge a complaint on Iamcheated.com which is a free online consumer complaints portal, which registers consumer complaints online and helps resolve them. If you have been cheated by financial service providers or if you do not receive any response from them. You can post your complaint on IndianMoney.com complaints portal IamCheated.com.
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