I have got umpteen calls from SBI Cards for giving me a Credit card. They took my details TWICE and I have not heard anything from them.
No clue what’s up….but I still get calls.
Now I hear that there is a phishing fraud from Morocco – and I have not seen any ads from SBI warning the general public about this.
Another amazing fraud is called the IRDA fraud. Sure, IRDA has nothing to do with it, but the life insurance companies know EXACTLY what this fraud is all about…
the call goes like this:
Boy / Girl: Sir I am calling from IRDA
B: Sir Insurance regulating authority – we are above all Insurance companies.
B: Sir you have lost Rs. 93, 450 in 3 policies in a private insurance company…
C: yes yes I have lost.
B: Sir we found out about this when we did audit…and sir you can get back this amount
B: Sir you need to open a new account with Metlife Insurance company (my friend Raymond Dsouza got a call from this company) so using this company’s name….
C: So what should I do?
After this it looks like a regular sale…but a small policy which does not involve any medical tests…then the policy is brilliantly sent to a wrong address and they play around for 20 days…
Once the Free Look in is over, the policy reached Raymond Dsouza 🙂
All his complaints to all the ‘authorities’ fell on deaf ears….so another 25k gone. Apart from the earlier money gone 🙂
Let us now ask the following questions:
Does the company NOT know about this racket?
Does the IRDA not know about this?
Why is a potential client / existing client being treated so shabbily by the BFSI?
What is the Life Council doing about this?
Let me answer this:
The Manager at the life insurance company has access to the database of the clients of the company. He picks up a few numbers and tries this trick. When they call a few people, some fall for the trick.
Then along with the IFA / another employee (also in the know) they lodge the application with the WRONG address. The cheque is encashed, and the new policy is sent to the wrong address.
The Operations / legal team of the company may or may not be in the know, but surely a couple of people in the branch are in the know.
When the client goes to the company..they act like they have no clue what happened.
Priyanka Sambhav and yours truly have done programs about this on Cnbc Awaaz – Pehredar – I hope many, many of you read this, tweet, send on FB…and warn people.
I wish Life Insurance Council, the responsible media, IRDA, etc. advertise about this menace so that people do not fall for such mischief. IRDA should REFUND the money to all such victims….or be ready for a terrible backlash….
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