Fraud Safety

FatakPay’s Guide to Spotting and Dodging Loan Frauds

Every industry is implementing new technologies to enhance its offerings in the current era and the financial sector is no exception. Finservs has simplified their services for their clients by adapting these high-tech products. However, nothing worth having comes easy, and convenience raises the risk of financial fraud.Imagine receiving a call from a reputable financial services app, such as FatakPay, offering to assist you with any loan-related matters such as early repayment at a reduced charge. Turns out, it is too good to be true. On the other end there might be a fraudster impersonating FatakPay.

Impact of Impersonation Frauds on FatakPay Users

FatakPay is one of India’s leading fintech platforms which makes it an easy target for impersonation. The company’s aim to provide credit to the masses in a quick, transparent and secure manner is often exploited by scammers for personal gains.

Fatakpay, whose primary customer base is the under-served of India, is most susceptible to personal loan frauds. This act of impersonation not only damages the company’s reputation but also negatively impacts the customer’s trust and faith. 

How do fraudsters trick customers?

• Phoney Foreclosure Calls: Scammers often call customers claiming to be from  FatakPay customer service and offer quick loan closures for their personal loans. For this, they ask customers to make payments to spurious bank accounts which have no correlation to FatakPay. Customers should never pick up any of these calls if they haven’t been verified by Truecaller. 
• Loan Scams: Fraudsters pretend to be “loan shops” and promise to offer quick and easy loans to people who have previously been rejected by FatakPay. They charge a fee for granting said loans which never reach the pockets of the customers. 
• Spurious Virtual Payment Address: Scammers pretend to provide new goods and services in the name of FatakPay to trick customers into spending money on features which never existed. Customers, thus, become victims of personal loan frauds online.

How to Protect Yourself from Loan Frauds Online?

Customers must note that FatakPay only calls people from a verified Truecaller number. Moreover, every message sent by FatakPay  on Whatsapp is from a verified FatakPay account which can be identified with a blue tick. On SMS, FatakPay has verified active headers from which customers receive messages.Some of them being: 

Here are some loan fraud safety tips:

• Verifying Caller Id: Customers should always make sure that any call claiming to be from FatakPay is verified through Truecaller to prevent any personal loan scams from taking place.
• Refrain From Sharing Sensitive Information: Customers should ensure that they never share their personal and financial information without verifying the source to safeguard their security.
• Data Security:  FatakPay is dedicated to protecting the privacy of its customers’ personal data. Customers can trust that their personal details aren’t leaked or exploited. Thus, they should always make sure they’re using the official FatakPay channels, and refrain from disclosing private details to unreliable sources.

How to Report an Impersonation Fraud on FatakPay?

Customers must immediately report any impersonation fraud they face to FatakPay’s customer support team by writing to us at [email protected] via call on +91-9987178747.

In today’s world of ever evolving technology, it becomes important to educate ourselves on scams and how they are carried out. By understanding this, one can safeguard themselves from loan scams  and loan frauds online. In case of any further questions regarding this topic, you can write to us on our website and someone from our team will help you out. Let us work together to make this world a more financially secure and safe space.