A. Type of frauds

Some of the common type of frauds are as follows:

1. Phishing : Phishing is a technique employed by scamsters to illegally procure personal information like Bank Account Numbers, Internet Banking user ID, passwords, etc.
2. Vishing : Vishing is a combination of the words “voice” and “phishing”, involving voice or telephone services where scammers pose as bank employees to ask for personal details.
3. Smishing : A form of phishing via text or SMS messages, tricking individuals into providing private information like passwords or credit card numbers.
4. Identity Theft : The act of obtaining personal or financial information of another person to use their identity for fraudulent purposes.

B. Ways to Protect yourself

1. True Balance will never send you an SMS/WhatsApp message from a personal mobile number.
2. True Balance or its lending partner never asks for upfront processing fees in cash for loan approval.
3. True Balance never asks customers to transfer payment online to a personal bank account.
4. Repay loans only using the True Balance Mobile App; never via external payment links.
5. Verify customer care numbers from our official website or True Balance App to avoid fraudsters.
6. True Balance representatives will NEVER ask for personal information like card details, passwords, or OTPs. Do not share these.
7. Avoid replying to suspicious loan offers or financial incentives without consulting our Customer Service team.
8. Keep your mobile phone secured and do not allow others to access your personal information.
9. Do not click on dubious links or apps that ask for confidential details.
10. Ignore fictitious offers, online lottery scams, or fund receipts claiming to be from RBI, NPCI, etc.
11. Ensure your lender is authorized and inquire about the actual lender when seeking loans.
12. If in doubt, contact our Customer Service team to verify any suspicious messages or calls before making payments.

C. Some examples of fraud

1. Fraudster calling/ sending whatsapp messages to the customer impersonating to be Company’s employee - The fraudster calls/ sends an SMS/ Whatsapp message to the customer from the personal mobile number, pretending to be the Company's employee. Fraudster lures the customer that in order to receive the Cashback benefit, the customer has to pay a nominal fee and shares the payment link of his personal account . The customer without enquiring from the Customer Service team of the Company makes payment to the fraudster's personal account.
2. Fraudster asking upfront processing fees/ commission in cash from an individual for processing the loan through True Balance App : Fraudster approaches an individual saying that he can arrange a loan through True Balance App, if the customer will make upfront cash payment to the fraudster. Customer without inquiring from the Company's Customer Service team, gets lured from the statement of the fraudster and pays upfront fees to get his loan processed. However, later the customer realises that it was a fraud.
3. Sending of dubious links/ apps to lure customers by fraudsters : being expired soon and in order to continue availing services on True Balance App, he/she needs to complete KYC from the link being sent by the fraudster through SMS/ Whatsapp. The Customer immediately inquired from the Company’s Customer Service team who advised him NOT to install or open any link being sent by any third party.

D. Reporting of Fraud

Immediately report such cases to cs@balancehero.com OR call our customer care number 0120-4001028 and report the same to us with a screenshot of the message and calls of fraudsters.