One of the biggest threats to the fintech industry is OTP fraud. The term itself might be new, but the problems it causes have been around for quite some time. Online transactions are a huge boon for the financial services industry. There’s a growing number of fintech startups that are thriving because of this growing trend. But there is one type of fraud that these companies face more than ever—OTP fraud. In this article, you will learn about OTP fraud, how it happens, and how to avoid falling victim to it. Read on to learn more. [B-01] What is OTP fraud, and how does it happen? The first step in avoiding OTP fraud is knowing what it is. OTP fraud occurs when a person uses an OTP or a one-time password for an OTP-enabled application to get access to another individual’s bank account. OTP fraud can happen in many forms, such as text message phishing, fake emails, and phone call spoofing, in which the person fakes a trusted party to get access to their account. OTP fraudsters may use an existing relationship or personal connection with their targets, such as a family member or friend. To be successful, the imposter must convince the victim to click on a link or type in their username and password. Once logged in, they can see useful details in the victim’s bank account, including credit card numbers and other personal information. When they get into the account, they can access online devices that are connected to it and use them to cheat, relying on the device that was compromised. The most common way OTP fraud occurs is through text OTP or an email phishing scam. Let’s see what they mean in depth: The Text OTP Scam These scams involve sending a link by text message that directs the victim to a website. The website might look legitimate but contains fraudulent content. Once installed on the victim’s device, this malware allows hackers to access account information from any web browser on the device. Email phishing scams In these scams, hackers send emails that appear legitimate but contain malicious links that direct users to fake websites. Once there, users enter their usernames and passwords into forms that grant the hacker access to their accounts. There are also telephone scams in which attackers call victims, pretending to be someone trustworthy. How to prevent OTP fraud? OTP scams come in different forms but always come from the same cause: a lack of knowledge of the technology used for one-time password creation. Here are some tips that will help you stay safe from OTP scams and other similar threats: Do not reveal your OTP to anyone. Any financial institution or authority will never ask you to share your OTP over the phone. The OTP is a confidential number, which means that even the employees of the bank or any monetary establishment or their client support people will never ask you to pass it along. It is always advisable to keep the OTP to yourself. When installing a screen-sharing programme or apps such as AnyDesk or TeamViewer, be very alert when clicking on links in emails or text messages. Always use your bank’s official net banking portal. Don’t fall for this OTP fraud by visiting the wrong bank’s website through a phoney address bar. It is important to check the web address of the page you are visiting against the official bank portal. Also, to make sure the site is safe and real, you can click on the URL address bar to see if it has a valid certificate of authenticity. Avoid downloading apps from suspicious sources. Do not download any third-party app, no matter what the caller says. Do not download it even if the caller says you need a KYC update or a grievance redressal app. Avoid clicking suspicious links. Avoid clicking on any suspicious link emailed to you or sent via SMS. Clicking on these links may grant your phone access to your financial information or give you the OTP. Apps can corrupt and compromise your phone and the OTP without you knowing. Some apps may even phish for your personal information by initiating fake transactions. Double-verify your transaction amount. When you make a payment through an online payment portal like PayPal or VISA Checkout, while entering OTP, make sure to re-verify the amount that you are paying and the name of the vendor accepting the payment. If the amount on the screen is different or the source looks suspicious, cancel the transaction immediately. [B-02] Conclusion With the increased presence of mobile devices and the heightened number of risks surrounding mobile devices, OTP fraud is on the rise. There are ways to stay safe from this potential threat, but individuals need to know how OTP fraud can occur and how the industry is trying to combat it. Hackers can compromise any OTP-enabled service and use it in fraud attempts. That’s why you must take the right precautions to protect your mobile device and other accounts. OTP fraud and experiencing account breaches are not new concepts. But the scope of OTP phishing has started to expand. This is because it is now possible for fraudsters to steal someone’s identity and use it to access another person’s bank account. To avoid becoming a victim of OTP fraud, it is crucial to take a few precautions. Avoid sharing your OTP over the phone; do not share it with anyone who swears that it will help you get a better job, and double-check the amount of money you are accepting and to whom you are giving it. With these precautions, you can avoid falling victim to an OTP fraud scam. If you need further consultation on online payments, you can contact Piramal Finance. This online platform is what you need to learn everything about relevant developments in the world of finance.
If you are a landowner or a real estate agent in India, you may often need to convert land measurements from acres to cents. While acres are commonly used in the United States and other countries, cents are the preferred unit of measurement for land in India. This blog will discuss the conversion process from acre to cent and provide a simple formula to make the calculation easier. Understanding the Measurements Before we dive into the conversion process, it is important to understand the measurements of acre and cent. An acre is a unit of measurement commonly used for land in the United States and is equivalent to 43,560 square feet. On the other hand, a cent is a unit of measurement used in India and is equal to 1/100th of an acre, or approximately 435.6 square feet. The Conversion Formula To convert from acre to cent, you can use the following formula: 1 acre = 100 cents This means that for every acre of land, there are 100 cents. To convert from acres to cents, multiply the number of acres by 100. For example, if you have 2 acres of land, the conversion would be: 2 acres x 100 = 200 cents Similarly, if you have 0.5 acres of land, the conversion would be: 0.5 acres x 100 = 50 cents Converting from Square Feet to Cents Sometimes, you may need to convert from square feet to cents before converting from acres to cents. To do this, you can use the following formula: 1 acre = 43,560 square feet 1 cent = 435.6 square feet To convert from square feet to cents, divide the square feet by 435.6. For example, if you have 10,000 square feet of land, the conversion would be: 10,000 square feet / 435.6 = 22.94 cents Why is it Important to Know the Conversion? Knowing how to convert from acre to cent is important for landowners and real estate agents in India as it allows for easier communication and understanding of land measurements. It also helps in accurately determining the value of a piece of land and making informed decisions when buying or selling property. Other Common Land Measurements in India Apart from acres and cents, other common land measurements are used in India. These include: Bigha: A bigha is a unit of measurement used in North India and is equal to 1/4th of an acre. Guntha: A guntha is a unit of measurement used in Maharashtra and is equal to 1/40th of an acre. Katha: A katha is a unit of measurement used in West Bengal and is equal to 1/20th of an acre. Conclusion Converting from acre to cent is simple and can be done using a basic formula. This conversion can be useful for landowners and real estate agents in India, as well as anyone looking to apply for a loan against property or anyone ready to buy or sell property. Understanding the different land measurements and their conversions allows you to make informed decisions and accurately communicate land measurements.
If you are a landowner or a farmer, you may have come across different units of measurement for land. One of the most used units is the hectare - a metric unit of measurement for land. However, in some parts of India, the bigha is still used as a unit of measurement for land. If you want to convert hectare to bigha, this blog will guide you through the process. Understanding the Units Before we dive into the conversion process, let's first understand what hectare and bigha mean. What is Hectare? The hectare is known to be a metric unit of measurement for land, equal to 10,000 square meters or 2.47 acres. It is used in nations that have embraced the metric system, predominantly in most European and Asian countries. What is Bigha? A traditional unit of measurement, the bigha is used to measure land in South Asia, particularly in India, Nepal, and Bangladesh. It is particularly used to measure agricultural land and is equivalent to 1/3 acre or 1,600 square yards. Converting Hectare to Bigha Now that we have a basic understanding of the units let's look at how we can convert hectare to bigha. - Using a Conversion Factor The easiest way to convert hectare to bigha is by using a conversion factor. The conversion factor for hectare to bigha is 1 hectare = 6.18 bigha. This means that for every 1 hectare, there are 6.18 bigha. To convert, simply multiply the number of hectares by 6.18. For example, if you have 2 hectares of land, the conversion would be 2 x 6.18 = 12.36 bigha. - Using an Online Converter If you are not a fan of manual calculations, you can also use an online converter to convert hectare to bigha. Numerous online converters are accessible for free, providing swift and precise conversions between various units of measurement. Simply search for "hectare to bigha converter" on a search engine, and you will be able to find multiple options to choose from. Enter the number of hectares you wish to convert, and the online converter will give you the equal value in bigha. - Using a Conversion Table Another way to convert hectare to bigha is by using a conversion table. This method is useful if you have multiple values to convert and don't want to do the calculations manually. Why Convert Hectare to Bigha? You may be wondering why it is necessary to convert hectare to bigha. The answer is simple – it depends on where you are located and the units of measurement used in that area. In some areas of India, especially in rural areas, bigha is still the preferred unit of measurement for land. So, if you are buying or selling land in these areas, it is essential to know how to convert between different units. Conclusion Converting hectare to bigha is a simple process. It can be done using a conversion factor, an online converter, or a conversion table. It is important to know how to convert between different units of measurement, particularly if you are dealing with land transactions or applying for a loan against property.
Obtaining a loan against shares (LAS) is viable when time is of the essence. This helps when you need rapid capitalization. You can use shares, mutual funds, LIC insurance, and postal savings certificates as collateral to obtain fast cash. There has been a flurry of fundraising efforts as of late, perhaps due to global uncertainty. For example, you need to send your kid to college in another country. So, it’s wise to take out a loan against shares. This is good even if you don’t need the money immediately. If you have a substantial investment portfolio, especially one with equities, you may be qualified for a loan against shares. This investing leverage might help you out financially. [B-01] Explain how it works The vast majority of new Demat account holders have yet to determine whether they will eventually be able to take advantage of the account’s many features. If you have stock assets that you plan to hold for the foreseeable future, you should consider getting a loan against your equity investment. These loans against securities let investors meet deficit funding needs while keeping significant capital for long-term goals. 1) What steps do I take to get a stock-backed loan? A Loan Against Shares from several financial institutions may be obtained in just three minutes and three easy procedures. Applying for a loan is a completely digital experience. It means you can do it from the comfort of your home or office. How to Apply for a Loan Using Shares Step 1: Choose the securities you want to pledge in NetBanking. Step 2: Confirm your agreement with an OTP. Step 3: Verify an OTP. Pledge stocks and mutual funds online. Withdrawals from your LAS account happen instantly. Following the application for the digital loan against shares Combination of many financial institutions Demat account with a checking or savings account Trades of stocks and equity mutual funds held in Demat format Method of operation for a single Demat account bank-approved stock with a value greater than Rs. 2 lakh 2) “How much money can I borrow against my shares?” You might receive anywhere between INR 1 lakh and INR 20 lakh. It’s possible to take out a loan for up to half of your stock’s worth. It has a fixed interest rate of 9.90%. Get the funds right away. Interest should only be added to the funds that are being utilized. 3) Loans against securities are available to whom? Anyone with legally recognised securities can apply for a loan against shares, regardless of whether they live in India. You must be a financial institution customer to complete the transaction digitally. Several financial institutions provide loans against securities interest rates to proprietors, partners in enterprises, corporations, and limited liability partnerships. 4) How much interest do I pay on loans secured by collateral? Financial institutions have low-interest rates for loans secured by collateral. Interest rates are influenced by the MCLR rate, which measures the marginal cost of providing new funds for lending. Get in touch with the bank to determine the current rate. The great thing about this loan against shares is that it is an overdraft on your account, so you only have to pay interest on the money you spend. 5) What kinds of documentation are required to borrow money against stock? Financial institutions’ customers know that the process takes little time and requires little documentation. It is not sufficient to submit the certificates for the securities you wish to pledge; you will also need proof of your identity, residency, and income. 6) Can I use any property I own as collateral to secure a loan? Nonconvertible debentures, life insurance policies, stock, mutual fund shares (both equity and debt), National Savings Certificates, Kisan Vikas Patras, and National Savings Certificates are all acceptable forms of collateral. 7) What kinds of stocks may be used as security? Pledgeable assets include fully paid-for shares of publicly traded companies. These stocks must be easily transacted and have a high degree of liquidity. When will I hear back from financial institutions about my loan application? The time it takes to approve and handle the loan against shares depends on how long it takes to verify the borrower’s income and other financial information. How long can I expect this loan to last? The loan tenure ranges from 6 to 36 months. How does one decide which repayment option to use? It is contingent upon the loan arrangement (overdraft vs. demand). The latter has yet to have a predetermined repayment plan in place. With an overdraft agreement, you have less access to funds during the life of the loan. I would like to know if I can apply for a loan at any local SBI bank. The loan could be secured in a variety of ways. How do financial institutions’ offerings differ from loans against shares provided by other financial institutions? Interest rates at financial institutions are among the lowest in the industry. There are new regulations for loans backed by stocks and bonds issued by financial institutions in India. 8) Consider getting a loan by using your shares as collateral. Stocks are a popular investment option because of the potential for high returns over the long term. An initial public offering (IPO) is a way to buy company shares and profit from their future success. As a result, the potential for future capital growth and financing has increased. More reasons to take out a loan against shares are as follows. It makes sense to get a loan backed by shares while the market is doing well. A share-secured loan can be used for any purpose. As an overdraft, you can get one of these loans. If you put up shares as collateral for a loan against shares, the lender will authorise a certain amount for you to borrow. Borrowers may use the approved total in any way they see fit. Payback of the loan can be done whenever the borrower likes, up until the overdraft limit is reached. Interest is calculated solely on the borrowed sum until the loan is repaid. [B-02] Conclusion: A loan against shares is comparable to any other loan in that you can borrow up to the value of the assets you already hold as collateral. Additionally, the borrower retains all rights to earnings (such as share appreciation, dividends, incentive payments, etc.) during the loan term. 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