Financial regulators have issued a nationwide alert cautioning Nidhi company depositors about sophisticated cyberfraud schemes targeting savings accounts. The advisory follows a 217% spike in phishing attacks and social engineering scams impersonating legitimate Nidhi firms, particularly targeting senior citizens and first-time savers in semi-urban areas. Authorities have identified fake mobile apps mimicking authentic Nidhi interfaces as the newest threat vector.  

The cybercriminal modus operandi involves SMS spoofing with fraudulent FD maturity alerts and fake “KYC update” links that drain accounts within minutes. Several Nidhi firms have begun implementing multi-factor authentication and conducting mandatory cybersecurity awareness sessions for members. The alert specifically warns against sharing OTPs or clicking on links in unsolicited messages claiming to be from Nidhi customer support.  

Regulators urge all depositors to verify communication channels directly through registered branch offices and enable transaction alerts. Nidhi associations are collaborating with CERT-In to develop standardized security protocols, including biometric authentication for high-value withdrawals. This coordinated response aims to preserve trust in community banking systems while combating increasingly sophisticated financial cybercrimes.