Have you ever received a random call from someone claiming to be a bank official who offers his help to unblock your credit card or to send a big prize money for winning a lottery you never took part in? If yes, then the chances are that the call was a ploy to fleece you off your hard-earned money.
They have a well-rehearsed script. They will make a tempting offer of sending you money, sometimes a car, or even tickets for a four-night holiday package. Alternatively, they can even frighten you by saying that your credit card has been blocked before offering help in unblocking it.
It is not uncommon to get lured by such unsolicited gains or a windfall of money, and bank customers can get tricked into sharing important details such as the 16-digit card number, even expiry date and CVV number. This is equivalent to handing over your credit card to someone for indiscriminate use.
And in case of transactions that require OTP authentication, these ‘callers’ even manage to convince the victims to share the password. This is nothing less than handing over your debit card along with your mobile phone linked to the card.
The scam is purportedly rampant, and according to one report — each caller makes somewhere close to 100 calls in a day and they get lucky one or two times daily.
They even use the bank accounts of their accomplices for a commission of 20 percent of the total receipts.
From time to time, the Reserve Bank of India tells customers to not share important details such as OTP, password and CVV, not even to the bank officials.
Even RBI through its handle @RBIsays reiterates customers to go secure. “Never share your PIN, password, OTP, CVV with anyone. Do not let your bank account details fall into wrong hands. It may lead to loss,” reads the message.
These are the lessons we can learn from these frauds:
1. It goes without saying that you should never share your important card details such as OTP, CVV, card number or expiry date of your card.
2. If someone calls you and tries to scare you that your credit or debit card has been blocked or about to be blocked, it would invariably be a fake call. Banks usually send these intimations via emails or text message.
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3. Someone who is genuinely promising you a lottery money, a car or a holiday package does not need to ask for your card’s confidential details such as CVV or expiry date. These details are needed only to make the payment and not to receive the money. So, if someone asked for it, this means it is a red flag,
4. When you receive an OTP (one time password). You must read the entire message to know what the message is all about. Do not fall into any caller’s inducements for sharing just the six-digit password.
Whenever the payment is being made, the message reads the amount being transferred and even the name of the beneficiary. So, it is vital to exercise due caution. Having said this, sharing the password is a complete ‘no-no’.