Beware pressure tactics: Limited-time deals and fear-based appeals

This National Insurance Day, let us look at the various types of fraud that are taking place and how you can avoid falling prey to them

A 65-year-old retired resident of Mumbai lost ₹2.36 crore to an online insurance refund scam. Fraudsters posing as officials from regulatory bodies like the Insurance Regulatory and Development Authority of India (Irdai), National Securities Depository Limited (NSDL), and National Payments Corporation of India (NPCI) contacted him via WhatsApp in November 2024, promising refunds for premiums of seven lapsed insurance policies.  After paying an initial processing fee, the victim was asked to make several more payments under various pretexts. When no refund materialised, he realised in May 2025 that he had been defrauded and lodged a complaint. 

This National Insurance Day,