MARCH 2026 | VOL. 58
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The Pension Savings Scam
How retirees can protect their pension from Investment Fraud calls
3-minute read
Learn how pension investment scams target retirees through fake bank calls and how to protect your pension account from OTP (One-Time Password) fraud and phishing attempts in India.
It is early morning. Ramesh and Meena are drinking tea in the living room.
“Retirement mornings are growing on me.”
“You’ve earned it. Your pension is coming on time, savings are steady. Let’s enjoy this phase.”
Both sip their tea.
Ramesh’s phone rings.
“Hello?”
“Good morning, Mr. Ramesh. This is Anil Sharma calling from your Bank’s Pension Services team. This is regarding your Pension Account.”
“My Pension Account?
Is something wrong?”
“No, Sir. This is a routine call. Your accumulated pension amount has crossed a threshold, so we’re informing you about an optional investment scheme for retirees.”
“I usually speak to Mr. Kulkarni.”
“Yes Sir, Mr. Kulkarni is your Relationship Manager. We can see that he is mapped to your account. This call is from the Bank’s central desk and we usually handle upgrades and schemes for our pensioners.”
“Okay, what is this new scheme?”
“Sir, this scheme is designed only for pensioners. The accumulated amount is moved into a low-risk investment with better returns than a Savings Account.”
“My monthly pension won’t be affected?”
“Not at all. Your monthly pension continues as usual. Only the lump sum is invested and it stays in your name.”
“And what kind of returns are we talking about?”
“That varies, Sir, but it’s typically higher than what the amount earns sitting idle in your account. Many retirees prefer this once their balance reaches your level.”
“Hmm. Okay, but I’d like to think about it.”
“Of course, Sir. I should mention that this option is available only till today since the current allocation window closes by evening. That’s why we’re reaching out proactively.”
(Ramesh pauses)
“If I agree, what’s the process?”
“Just a one-time confirmation to initiate the investment today. You’ll receive an OTP on your registered mobile number.”
“And this OTP is only for investing the pension amount?”
“Yes, Sir. It authorises the transfer into the scheme. Documentation is generated immediately after.”
“Alright. Let’s do it. Better to earn interest than let the money lie idle.”
“Great Sir. I am initiating the confirmation process. You would receive an OTP for the same.”
Phone buzzes. OTP appears.
“Please share the OTP and your PAN details for compliance.”
A moment’s hesitation, but Ramesh shares the OTP and his PAN details.
“Thank you, Sir. You’ll receive the investment confirmation shortly.”
Evening. Same living room. Light fading.
“I got a message saying the entire amount has been debited.”
“And the investment confirmation?”
“Nothing yet.”
“Call back the guy and ask him for the investment details.”
(Ramesh calls back. Call fails.)
“It’s not connecting.”
“Try again.”
“The number is unreachable.”
This is when Ramesh calls his Relationship Manager, Mr. Kulkarni and realises he has been scammed!
How to report a Pension Scam or Cyber Fraud in India
If you are a victim of online fraud, reach out to the National Cyber Crime at cybercrime.gov.in, call the helpline number on 1930 or call ICICI Bank’s helpline number on 1800 2662.
If you have received any malicious/phishing/suspicious e-mails or calls, please report them to Sanchar Saathi at sancharsaathi.gov.in/ and ICICI Bank at antiphishing@icici.bank.in.
