Rise Of Frauds Due To Lack Of Account Number And Name Matching

Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:

  • Mr. Shirsha Ghosh, Co-Founder Torit Innovations
  • Mr. Rajiv Rai, former Chief Digital Officer, Edelweiss Financial Services
  • Mr. Neeraj Chandra, Head of Operations and Technology, India, Abu Dhabi Commercial Bank
  • Mr. Kaunain Esmile, Vice President- Country Lead Customer experience, DBS Bank
  • Mr. C V Ramana Rao, Sr Manager, Punjab National Bank
  • Mr. Piush Kothari, Head of Business Operation, Walt Disney Direct to Consumer & International
  • Mr. Riaz Maniyar, Founder & CEO at easy2lend.com
  • Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
  • Mr. Ajay B Panicker, CEO & Founder, NetPay Limited
  • Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
  • Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous

This time FIAKS community discussions rolled around the topic ‘Frauds due to lack of account number and name matching’ . One of the community members shared this message

“If there’s no check with the account name with the number, then anyone can do fraud and make money in other business’s name. The below screenshot is of the fraudster asking for money to sanction a loan. They gave Bajaj Finserv as account name but the account number and IFSC is different”

  • Apparently, this seems a fraud. It’s strange Bajaj Finserv is asking for money before disbursing a loan! It’s a fake contact number, just look at the IFSC code. Do you think any bank personnel will reply like that?
  • Member states, “The account holder’s name could be anything. If you do an IMPS transfer you would not come to know. It could just lend credibility to the fraud.”
  • A member mentions, “they got my Aadhaar and pan number correct.”
  • Thereupon another member responds, “If you have applied for a separate loan through another agent, that agent might have sold your data. Most of the NBFCs outsource these jobs to BPOs. They really don’t have any manners. Ultimately this is spray and prays where folks who are lesser informed are cheated. Have come across some very sophisticated ones. In one case someone created a company with only one letter different compared to a popular name (e.g. Bajaj Flnserv – with an ‘l’ instead of an ‘i’, for the physical verification, did setting with the guards and folks at the reception, paid the first few installments and then disappeared.”
  • Whilst a member mentions, “I know the actual case. The fraudster used Aditya Birla’s company’s name. The case is as follows, one person was trying to get a loan and approached an agent. The agent had claimed that he is working for some finance company. This person was asked to deposit a processing fee for a loan by NEFT. The so-called agent gave his personal account number and his bank IFSC code and mentioned the name of the finance company as beneficiary. This person fell prey and deposited the amount.”

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2021-03-10T17:00:13+05:30March 10th, 2021|Categories: FIAKS bespoke|Tags: |Comments Off on Rise Of Frauds Due To Lack Of Account Number And Name Matching
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