Beware loan, job scams: Kotak warns of fraudsters tricking people of lakhs

In the age of digital convenience, fraudsters are getting smarter — and faster — at finding new ways to part people from their hard-earned money. According to Kotak Mahindra Bank, two of the most common traps doing the rounds are loan scams and job scams, both designed to look legitimate but aimed squarely at your wallet.

 

Loan Fraud: The “Too Good to Be True” Offer

It usually starts with a call, email, or SMS from someone claiming to be from a reputed bank. They’ll offer you an irresistible loan deal — low interest rates, instant approval, and no hassle paperwork. A professional-looking fake loan sanction letter on the bank’s letterhead seals the illusion.

 

Once you agree, the fraudster will ask you to transfer “processing fees” or “legal charges” to a bank account — often in the name of fake companies or money mules. In some cases, scammers even visit in person with a fake ID card, collect your cheque, and alter the payee name or amount before cashing it in.

 

The money vanishes within hours, making recovery almost impossible.

 

Red flag: If someone asks you to pay any fee before a loan is disbursed, stop immediately. Legitimate banks deduct fees directly from the loan amount — they never ask for advance payments.

 

Job Fraud: The Like-and-Earn Trap

Another trending scam involves fake job offers — usually for easy online tasks like “liking videos” or sharing content. Fraudsters will lure you with promises of ₹50–₹100 per like, but first, you must “invest” a small sum to get started.

 

Once you pay, they assign a task and might even credit you a small commission to build trust. Then comes the catch — you’ll be told to invest a larger amount to “unlock higher-paying work” or to pay GST/tax to withdraw your earnings.

 

Eventually, the fraudster disappears — blocking your number, removing you from groups, and shutting down all contact points.

 

Red flag: Real employers never ask you to pay money for getting work or receiving your salary.

 

Kotak Mahindra Bank explains this in detail:

• The fraudster will contact you for a part-time job opportunity that includes a simple task - ‘Like’ videos and earn Rs. 50 for each like.
•  link and UPI ID/mobile number is then shared, asking you to invest a small amount of money with a promise to assign work.
• Once you transfer the funds to the fraudster’s account, a ‘task’ is assigned. After completing the task, the fraudster may transfer some commission amount to you and may advise you to transfer/invest a higher value amount to move to the next task to earn even higher returns.
• To withdraw the funds/income, you may be asked to pay a further amount as GST/tax. This way you end up transferring excess amount for a job offer.
• The fraudster will then block the link and other social media handles used to interact with you.

 

"Be vigilant, and always verify every offer with the concerned authorities to avoid falling prey to fraud. Do not share your bank details or any sensitive information with anyone, even if they claim to be from the cyber cell or a bank representative. To report a fraud or any suspicious activity, call 1930 or our fraud reporting number- 1800 209 0000 or visit the nearest bank branch," said Kotak Mahindra Bank in a circular. 

 

How to Protect Yourself

Verify the source: Call the bank’s official helpline or check the company’s official job portal.

 

Never pay upfront: Whether it’s a loan or job, any demand for advance payment is a red flag.

 

Beware urgent offers: Scammers often pressure you to act fast so you don’t have time to think.

 

Keep personal data private: Never share bank account details, OTPs, or ID proofs with strangers.

 

 If it sounds too good to be true, it probably is. A few minutes spent verifying an offer can save you from losing thousands — or even lakhs — to a fraudster.