PF Fraud: In an unfortunate instance of cybercrime, cybercriminals posing as representatives of the Employees’ Provident Fund Office (EPFO) in New Delhi conned a 71-year-old resident of Dahanukar Colony in Kothrud, Pune, out of almost Rs 10 lacks. In this article, We will tell you what is PF Fraud, and how to stay safe.
After retiring from a biotechnology company in Mumbai in 2012, the victim reportedly got a call from a lady posing as the EPFO’s representative. She told him what the insurance amount was going to be and told him to get in touch with a financial officer for more information. Then the finance officer gave the victim the assurance that he would get the money plus more.
But by forcing him to make many payments under the pretence of processing fees and security deposits, the scammers took advantage of the victim’s confidence. The offenders received ₹10.15 lakh from the victim, who did not realise the fraud.
What is EPFO Fraud?
When someone submits fake bank accounts with the necessary paperwork or makes unauthorised withdrawals from several EPF accounts, it is known as EPFO fraud. EPF account scamming is frequently undetected.
Modus Operandi of PF Fraud
PF fraud happens when fraudsters locate inactive accounts, falsify information, and create fictitious bank accounts. They then apply for withdrawal claims using the fictitious bank account and supporting documentation.
- Scammers find inactive accounts
- They search for information about the inactive EPF account.
- They fabricate information by using a phoney PAN card, address verification, etc.
- They create a fictitious bank account.
- They use a fictitious identity, backed up by a phoney bank account and documentation, to apply for the withdrawal of claims.
Who is at Risk?
- Scams targeting the elderly are more common.
- Scammers target older persons with low incomes more frequently.
- Scammers target older persons who have reduced cognitive ability.
- Scammers tend to target older persons who have lower psychological well-being.
- Scams targeting elderly individuals are particularly common among those with lower health literacy.
- Scams targeting elderly individuals are more common among those with lower financial knowledge.
How to stay safe?
- Keep your personal information private: Never give out your bank account information, password, OTP, or UAN to anyone.
Avoid unauthorised withdrawals: It is fraud to take money out of your EPF account without authorization or to submit a fake bank account.
The EPFO grievance management platform is available at any time for you to file complaints and grievances. The complaints may be directed to the field offices located all throughout the nation or to the Head Office located in Delhi.
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