Or someone that committed suicide or even suffered a heart attack because they lost lifetime savings kept at some bank.
As you would know, these are real-life stories that we read on newspapers or watch on TV. And why do they occur? Because banks in India are frequently hit by scams and frauds.
Unfortunately, scams and frauds that affect banks in India affects millions of people every year. And you could be one among those too. Unless you’re careful with your money, that is.
Just in case you don’t know how bank scams affect people’s life, here’re some details.
How Bank Scams Affects People
bank money safety
Bank scams and frauds don’t affect only their customers. Indeed, they have a negative impact on several other people as well as industries.
Bank Customers
A customer is unable to withdraw money from their accounts for daily needs or even medical emergencies. They’re unable to pay fees for educating their children or get the money they would save for buying that dream home or for marriage.
Worst hit are people that invest large amounts in Fixed Deposits just because one bank promises to pay slightly higher interest than others.
Sadly, senior citizens and retirees who invest savings of their lifetime because some bank offers half to one percent higher interest are worst hit when a bank gets hit by scam or fraud and has to suspend or close operations.
Shareholders & Other Investors
A scam directly affects the bank’s shareholders. Stock prices of the scam or fraud hit bank come tumbling down on the stock exchanges. Once reports of a scam or fraud get into the news, shareholders rush to sell off their stocks. As a result, the once profitable stock begins losing value.
It also impacts investors in Exchange Traded Funds (ETFs) and Mutual Funds (MFs). That’s because an ETF or MF could have invested in stocks of the affected bank.Or someone that committed suicide or even suffered a heart attack because they lost lifetime savings kept at some bank.
As you would know, these are real-life stories that we read on newspapers or watch on TV. And why do they occur? Because banks in India are frequently hit by scams and frauds.
Unfortunately, scams and frauds that affect banks in India affects millions of people every year. And you could be one among those too. Unless you’re careful with your money, that is.
Just in case you don’t know how bank scams affect people’s life, here’re some details.
How Bank Scams Affects People
bank money safety
Bank scams and frauds don’t affect only their customers. Indeed, they have a negative impact on several other people as well as industries.
Bank Customers
A customer is unable to withdraw money from their accounts for daily needs or even medical emergencies. They’re unable to pay fees for educating their children or get the money they would save for buying that dream home or for marriage.
Worst hit are people that invest large amounts in Fixed Deposits just because one bank promises to pay slightly higher interest than others.
Sadly, senior citizens and retirees who invest savings of their lifetime because some bank offers half to one percent higher interest are worst hit when a bank gets hit by scam or fraud and has to suspend or close operations.
Shareholders & Other Investors
A scam directly affects the bank’s shareholders. Stock prices of the scam or fraud hit bank come tumbling down on the stock exchanges. Once reports of a scam or fraud get into the news, shareholders rush to sell off their stocks. As a result, the once profitable stock begins losing value.
It also impacts investors in Exchange Traded Funds (ETFs) and Mutual Funds (MFs). That’s because an ETF or MF could have invested in stocks of the affected bank.Or someone that committed suicide or even suffered a heart attack because they lost lifetime savings kept at some bank.
As you would know, these are real-life stories that we read on newspapers or watch on TV. And why do they occur? Because banks in India are frequently hit by scams and frauds.
Unfortunately, scams and frauds that affect banks in India affects millions of people every year. And you could be one among those too. Unless you’re careful with your money, that is.
Just in case you don’t know how bank scams affect people’s life, here’re some details.
How Bank Scams Affects People
bank money safety
Bank scams and frauds don’t affect only their customers. Indeed, they have a negative impact on several other people as well as industries.
Bank Customers
A customer is unable to withdraw money from their accounts for daily needs or even medical emergencies. They’re unable to pay fees for educating their children or get the money they would save for buying that dream home or for marriage.
Worst hit are people that invest large amounts in Fixed Deposits just because one bank promises to pay slightly higher interest than others.
Sadly, senior citizens and retirees who invest savings of their lifetime because some bank offers half to one percent higher interest are worst hit when a bank gets hit by scam or fraud and has to suspend or close operations.
Shareholders & Other Investors
A scam directly affects the bank’s shareholders. Stock prices of the scam or fraud hit bank come tumbling down on the stock exchanges. Once reports of a scam or fraud get into the news, shareholders rush to sell off their stocks. As a result, the once profitable stock begins losing value.
It also impacts investors in Exchange Traded Funds (ETFs) and Mutual Funds (MFs). That’s because an ETF or MF could have invested in stocks of the affected bank.
As you would know, these are real-life stories that we read on newspapers or watch on TV. And why do they occur? Because banks in India are frequently hit by scams and frauds.
Unfortunately, scams and frauds that affect banks in India affects millions of people every year. And you could be one among those too. Unless you’re careful with your money, that is.
Just in case you don’t know how bank scams affect people’s life, here’re some details.
How Bank Scams Affects People
bank money safety
Bank scams and frauds don’t affect only their customers. Indeed, they have a negative impact on several other people as well as industries.
Bank Customers
A customer is unable to withdraw money from their accounts for daily needs or even medical emergencies. They’re unable to pay fees for educating their children or get the money they would save for buying that dream home or for marriage.
Worst hit are people that invest large amounts in Fixed Deposits just because one bank promises to pay slightly higher interest than others.
Sadly, senior citizens and retirees who invest savings of their lifetime because some bank offers half to one percent higher interest are worst hit when a bank gets hit by scam or fraud and has to suspend or close operations.
Shareholders & Other Investors
A scam directly affects the bank’s shareholders. Stock prices of the scam or fraud hit bank come tumbling down on the stock exchanges. Once reports of a scam or fraud get into the news, shareholders rush to sell off their stocks. As a result, the once profitable stock begins losing value.
It also impacts investors in Exchange Traded Funds (ETFs) and Mutual Funds (MFs). That’s because an ETF or MF could have invested in stocks of the affected bank.Or someone that committed suicide or even suffered a heart attack because they lost lifetime savings kept at some bank.
As you would know, these are real-life stories that we read on newspapers or watch on TV. And why do they occur? Because banks in India are frequently hit by scams and frauds.
Unfortunately, scams and frauds that affect banks in India affects millions of people every year. And you could be one among those too. Unless you’re careful with your money, that is.
Just in case you don’t know how bank scams affect people’s life, here’re some details.
How Bank Scams Affects People
bank money safety
Bank scams and frauds don’t affect only their customers. Indeed, they have a negative impact on several other people as well as industries.
Bank Customers
A customer is unable to withdraw money from their accounts for daily needs or even medical emergencies. They’re unable to pay fees for educating their children or get the money they would save for buying that dream home or for marriage.
Worst hit are people that invest large amounts in Fixed Deposits just because one bank promises to pay slightly higher interest than others.
Sadly, senior citizens and retirees who invest savings of their lifetime because some bank offers half to one percent higher interest are worst hit when a bank gets hit by scam or fraud and has to suspend or close operations.
Shareholders & Other Investors
A scam directly affects the bank’s shareholders. Stock prices of the scam or fraud hit bank come tumbling down on the stock exchanges. Once reports of a scam or fraud get into the news, shareholders rush to sell off their stocks. As a result, the once profitable stock begins losing value.
It also impacts investors in Exchange Traded Funds (ETFs) and Mutual Funds (MFs). That’s because an ETF or MF could have invested in stocks of the affected bank.Or someone that committed suicide or even suffered a heart attack because they lost lifetime savings kept at some bank.
As you would know, these are real-life stories that we read on newspapers or watch on TV. And why do they occur? Because banks in India are frequently hit by scams and frauds.
Unfortunately, scams and frauds that affect banks in India affects millions of people every year. And you could be one among those too. Unless you’re careful with your money, that is.
Just in case you don’t know how bank scams affect people’s life, here’re some details.
How Bank Scams Affects People
bank money safety
Bank scams and frauds don’t affect only their customers. Indeed, they have a negative impact on several other people as well as industries.
Bank Customers
A customer is unable to withdraw money from their accounts for daily needs or even medical emergencies. They’re unable to pay fees for educating their children or get the money they would save for buying that dream home or for marriage.
Worst hit are people that invest large amounts in Fixed Deposits just because one bank promises to pay slightly higher interest than others.
Sadly, senior citizens and retirees who invest savings of their lifetime because some bank offers half to one percent higher interest are worst hit when a bank gets hit by scam or fraud and has to suspend or close operations.
Shareholders & Other Investors
A scam directly affects the bank’s shareholders. Stock prices of the scam or fraud hit bank come tumbling down on the stock exchanges. Once reports of a scam or fraud get into the news, shareholders rush to sell off their stocks. As a result, the once profitable stock begins losing value.
It also impacts investors in Exchange Traded Funds (ETFs) and Mutual Funds (MFs). That’s because an ETF or MF could have invested in stocks of the affected bank.
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