Cyber fraudsters are constantly finding new ways to exploit people in this digital era. It is essential for internet users to remain vigilant and informed about such threats while adopting appropriate safety measures to protect themselves.

A recent development that has come to the attention of officials is pension-related fraud, wherein the Pension Fund Regulatory and Development Authority (PFRDA) has issued a public notice warning the public about fraudulent activities and scams targeting subscribers of the National Pension System (NPS) and Atal Pension Yojana (APY). These scams are carried out by unscrupulous individuals or entities who use the names of PFRDA, NPS, and APY to deceive people and make illicit gains.

About the Fraud

PFRDA has issued a warning against fraudulent SMS, calls, emails, websites, mobile apps, advertisements, etc., that use its name or the National Pension Scheme (NPS) or Atal Pension Yojana (APY). The PFRDA cautions that cyber criminals may exploit its name, as well as the NPS and APY brands, to lure individuals into a trap, which may then lead to a cyber-attack.

In this recent fraud, scamsters are taking advantage of unsuspecting users and account holders by maliciously enticing them with fake offers of full withdrawals, higher returns, or other false financial opportunities, putting their savings at significant risk. Many victims are unaware that full withdrawals under the National Pension Scheme (NPS) are not allowed, and they fall into the trap when fraudsters falsely claim they can facilitate such withdrawals in exchange for a fee or promise higher returns on their deposits.

This type of fraud preys on the trust people place in the NPS and APY systems, leaving them vulnerable to financial loss.