Zest Money Fraud :

Zest money was founded back in 2016 and is now one of the largest and fastest lending platforms in India. When we proceed to check out there is instant financing offer using technology which makes it affordable to a lot many people. By using this platform, customers can buy high priced items on easy monthly installments without using credit card. The working is simple, an auto debit form from bank is needed to be signed from bank account which enables the deduction in an easier way. By signing up with this, CIBIL score can also be improved and can eventually even lead to getting personal loan for customers. It works with most of the e- commerce companies who are genuine. It is a start up which runs on Washington based funds that invests in emerging fintech and has a branch in India.

Fraudulent Methodologies

Any platform that runs such activity is bound to have issues. Though it has been successful, a lot many complaints have been received regarding this platform. It is indeed done in very tactful way. They seem to be very user-friendly platform and quite believable. They ask customer to upload documents which is ID proof. They also ask to update bank account details to enable deduction. The customer sets date and on that date it is to be deducted, that is how auto deduction works generally. In the case of Zest money what is been happening as a trend is that though they ask customer to fill in form, they deduct it as per there wish.

If we are to breakdown there is series of fraud activities carried out by Zest money. When a customer signs up , they are supposed to inform if it is accepted or denied. They just keep it hanging making the customer wonder what is update of his or her application. When the customer reaches out to the customer support, he or she is left with no option than to wait without really knowing what is update of application. The customer support isn’t really supportive at all.

It is said that by signing up and after making regular payments, it adds up to the CIBIL score. However, it has been observed that no such thing happens. Apart from 2-3 % of customers remaining all have got no update on CIBIL score despite paying on time. In case of some customers, despite paying the whole amount , still they show that there is pending amount which in turn affects the CIBIL score adversely. Again , if they contact the customer support, there is no much support than just informing that it will be resolved or updated soon.

Another problem faced by many customers is that when they make payment it reflects like for a day or so and then it is not shown in there account as payment done. Even if they give transaction ID or other details related to transaction, there is no way to trace payment or to reflect it in the account. The customer support is so poor that apart from 2-3 % of customers, rest none receive any sort of support from Zest team.

Digital Fraud on Zest Money

It is mentioned in the website that on proving good track record, loan can be approved. Many customers fall for this as they might need loan which wont be possible if they are to get it from bank, hence they sign up with hope that once they have proven there track record of transactions, they would could avail a loan but it is again a trap. The enthusiasm with which customers start there account is lost in mid way. The customer support team does reply but there is never an action. Many customers have gone forward in filing legal complaints against Zest for there fraudulent activities. Majority of the customers have asked for refund as even if its less amount they don’t know what has happened to the payment that they made.

For many of the customers it is cause of continuous frustration to do transactions through this platform. As we are shifting everything to digital, making transactions can be digitalized provided it works in efficient manner. It shouldn’t be that customer is at loss just for supporting new methodologies. If much more systematic way is adopted then this problems wouldn’t come on surface. Auto deduction is good service as it enables automatic payment but if it doesn’t happen or if it happens twice, the customer isn’t to be blamed especially if there is funds.

Looting the customers on ground that their CIBIL scores will improve and with that they can avail loan in future is cheap marketing technique to trap customers. A lot many customers have come against Zest and have requested for action which is still pending. A lot many don’t know what has happen to there application, for some they have lost money and for some there CIBIL score is degrad instead of being upgraded.

Interesting fact to be notice here is despite evidences of how fraudulent Zest is, still people willingly sign up. It is good initiative to change way transactions are done. It is advisable that customers do enough market study before shifting or doing any such transactions, especially before giving bank account details. As once it is link and the permission given to deduct from bank account, then there is actually no limit or control on it. There is no more safety of customers information though it is confidential. The customer basically doesn’t have much idea as to what is happening and if at all they reach out, again there is no response. The proof that customer is opposite. Apart from loosing money, having bad CIBIL score can have direct effect on lives of people as that is one of the major criteria for anyone to avail offers and loan from bank.

Hence, with so many complaints received from customers, it is indeed high time that Zest stops its services or it should definitely improve services.

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