The Employees' Provident Fund Organization (EPFO), responsible for managing deductions from the salaries of employees, has issued a warning to its 6.5 crore members concerning the escalating threat of cybercrime.
EPFO has observed a notable increase in fraudulent activities associated with Provident Fund (PF) accounts. Scammers, posing as EPFO officials through calls and messages, are deceiving individuals into divulging sensitive personal information, making them vulnerable to various forms of fraud.
In response to this growing concern, EPFO is urging its members to exercise heightened vigilance. EPFO holds a pivotal role in overseeing the Retirement Fund for employees, wherein both employers and staff contribute. Employees witness a 12% deduction from their base pay under the EPF account, a contribution matched by the employer. This monthly deposit accumulates an annual interest rate of 8.1 percent, with the amassed funds being disbursed to workers upon reaching retirement age.
Cautionary Measures for Suspicious Communications
EPFO is cautioning its members against responding to dubious calls or messages purporting to be from the organization. It explicitly states that it never solicits information such as Aadhaar card details, PAN numbers, Universal Account Numbers (UAN), or passwords.
Members are strongly advised against sharing personal details, account numbers, or One-Time Passwords (OTPs). Additionally, they are warned against forwarding such content on social media platforms like WhatsApp.
In a noteworthy development, the EPFO has revised the interest rate for PF accounts, reducing it from 8.5 percent to 8.1 percent. This adjustment marks the lowest interest rate in four decades. The last instance of such a low interest rate was recorded in the fiscal year 1977-1978 when it stood at 8%.
