HDFC Bank Warns Customers Against Rising Investment Fraud

Amid a surge in investment fraud cases, HDFC Bank Ltd. has issued an advisory urging customers to be vigilant against fraudulent trading platforms that promise lucrative investment opportunities. The bank highlighted that these offers often appear on social media, aiming to increase awareness and protect customers from potential scams.

HDFC Bank noted that fraudsters typically lure victims with promises of unusually high returns on investments in stocks, IPOs, cryptocurrencies, and Bitcoin. These schemes often involve fake automated investment platforms or apps displaying false dashboards that show high returns.

Manish Agrawal, executive vice president (Credit Intelligence and Control) at HDFC Bank, emphasised the growing incidence of investment frauds.

"We are seeing an increase in the number of cases of investment frauds and want to help create a wider awareness and knowledge about the issue, so that consumers can avoid falling prey to these deceptive schemes," he said.

While efforts by the government, banks, and regulatory bodies are ongoing to curb these frauds, Agrawal stressed the importance of individual vigilance and awareness in avoiding these schemes.

The bank's statement also pointed out that fraudsters promote these bogus high-return investment schemes on social media, exploiting people through social engineering tactics. It advised customers to exercise caution and conduct due diligence before making any transactions to protect themselves from fraud.

In the event of falling victim to online fraud, HDFC Bank urged customers to immediately report unauthorised transactions to the bank to block the payment channel. Victims should also file a complaint by calling the 1930 helpline number provided by the Ministry of Home Affairs and submit a complaint on the National Cybercrime Reporting Portal.

(With inputs from PTI)