How to Protect Your EPF Account From Online Frauds?

The Employees' Provident Fund Organisation (EPFO) has issued a warning about the potential risks of internet fraud with employee provident fund accounts. EPFO has suggested a few steps for its subscribers to take in order to protect their accounts, while also warning them to keep an eye out for fraudulent activity online.

The EPFO has warned its members not to reveal sensitive information if someone claiming to be its representative requests it. The apex retirement fund body stated that it never asks subscribers for personal information such as Aadhaar, PAN, UAN, bank account, or OTP over the phone, WhatsApp, or social media. Employees' Provident Fund Organisation (EPFO) has issued a warning to its subscribers about the risk of online fraud. The pension fund organisation has also provided advice on how to protect your provident fund account from scams.

What is an EPF Account?

The EPF (Employees' Provident Fund) retirement benefits scheme is administered by the Employees' Provident Fund Organization (EPFO). On a monthly basis, both the employee and the employer contribute 12% of the basic salary and dearness allowance to the EPF scheme. The EPF is a tax-advantaged investment vehicle that offers higher interest rates. The Employees' Pension Scheme receives a portion of the employer's contribution (8.33% of a total 12% contribution).

How to protect your EPF account:

Never give personal information or money in response to calls or texts claiming to be from an EPFO representative.

Never provide your UAN, password, Aadhaar, bank account information, OTP, or any other financial information.

EPF members can store their financial and personal information on DigiLocker to protect themselves from fraud. DigiLocker is a secure cloud-based platform for storing, distributing, and verifying documents and certificates.

You can quickly sign up for DigiLocker by using your cell phone or Aadhaar number. Once you join, your cell phone number or 12-digit Aadhaar number will be verified by sending an OTP. After that, you must configure your security PIN for two-factor authentication. Then, by clicking the Upload Documents button, you can upload the documents you want to keep in DigiLocker.