Beware! These pension scams can steal your money
What's the story
India's Pension Fund Regulatory and Development Authority (PFRDA) has issued a public warning regarding a surge in fraudulent activities, concerning the National Pension Scheme (NPS) and Atal Pension Yojana (APY). The regulatory body warned subscribers about fake calls asking money for pension fund release, as well as fake websites and apps offering unrealistic returns on periodic contributions.
Fraud tactics
Methods used in fraudulent schemes
The PFRDA has flagged different ways in which fraudsters are cheating the public. These include unsolicited advice using SMS, calls, websites, mobile apps, and social media platforms like Facebook, WhatsApp, and Telegram. The regulatory body said that "unscrupulous individuals/entities are duping the general public by offering fraudulent schemes in the name of PFRDA/NPS/APY."
Official platform
Warning against phishing attempts
The PFRDA has clarified that its only official website is www.pfrda.org.in and warned the public to be vigilant against phishing attempts by fake websites. These fraudulent sites often mimic the official one with subtle changes in the domain name. The authority also noted that it sends SMS only with Sender ID - PFRDAI, and urged subscribers to verify this before responding.
User safety
PFRDA advises caution when using official NPS/APY platforms
The PFRDA has advised users to exercise caution while using official websites or apps for NPS/APY schemes. It warned against sharing sensitive personal or financial information and making payments to unauthorized individuals. The authority also urged users to perform due diligence when offered unrealistic returns, and report any suspicious activities to the relevant authorities.
Victim support
PFRDA provides guidelines for victims of cyber fraud
For those who become victims of cyber fraud, the PFRDA has issued a set of guidelines. These include freezing your bank accounts and credit cards, changing the internet and mobile banking passwords, and disconnecting devices from the internet during an ongoing attack. The authority also urged victims to file their complaints at the National Cyber Crime Reporting Portal.