In today’s fast-paced digital world, financial frauds are becoming alarmingly common. Many of us
have heard stories from family or friends who have fallen victim to these scams. Here’s one such
incident that serves as a wake-up call for all of us.
The “Erroneous Loan Disbursement” Scam
A close friend recently received a call from a person claiming to represent a well-known financial
institution. The caller explained that due to a processing error, a loan amount had been credited to the
friend’s account instead of his parent’s. To validate this, they sent a seemingly authentic SMS showing
the transfer details.
The caller created a sense of urgency, citing a child’s medical emergency, and pressured the friend to
return the money immediately. Feeling overwhelmed and trusting the “proof,” the friend transferred
several thousand rupees. Later, upon checking with his parents and reviewing his bank account, he
realized that no such transaction had occurred. It was all a scam.
How These Scams Work
1. Emergency Tactics:
Fraudsters fabricate crises, like medical emergencies, to make their victims act quickly.
2. Fake Evidence:
They use counterfeit SMS, emails, or screenshots to convince victims that their claims are
legitimate.
3. Constant Pressure:
They keep victims on the line or repeatedly call to prevent them from consulting others or
verifying facts.
How You Can Stay Safe
1. Pause and Analyze:
Don’t act on impulse, especially when someone claims urgency. Take time to evaluate the
situation.
2. Verify Independently:
◦ Check your bank account directly for any actual transactions.
◦ Do not trust SMS or screenshots as sole evidence.
3. Avoid Over-Engagement:
Hang up immediately and contact your bank through official channels to verify the claims.
4. Educate Others:
Share these experiences with family and friends to help them recognize similar tactics.
Fraud Prevention Tips
• Enable two-factor authentication on your financial accounts.
• Regularly monitor account transactions and set up real-time alerts.
• Never share personal or financial information over the phone or email.
• Report suspicious calls to your bank and the cybercrime helpline.
