Reserve Bank of India (RBI) recently issued a warning regarding a new fraud using mobile numbers. According to the notice, a social engineering fraud using mobile numbers similar to banks or financial institutions' toll free numbers is underway.
The modus operandi being: Fraudsters obtain mobile numbers similar to toll free numbers of financial institutions and save the number on apps such as TrueCaller with the name of the institution.
For example: Let’s assume the bank’s number is 1600-123-1234. Then these fraudsters obtain a number similar to it like 600-123-1234 and register it successfully on TrueCaller or other directory service providers as the toll free number of a bank.
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This makes it difficult for people to know for sure whether the call is from the bank/financial institution or its a scamster.
In order to avoid falling prey to these frauds, customers should take these measures:
Never reveal confidential information
According to Adhil Shetty, CEO, Bankbazaar, it is important to understand that no financial institution or their representatives send emails, SMS or WhatsApp messages or call them over the phone to ask personal information, password or OTP.
Any such communication if done, Shetty explains, is simply an attempt to fraudulently withdraw money from customers' bank account via internet banking.
"Never respond to such emails, SMS, WhatsApp messages, or phone calls," he warns.
Banks only need the account number and name to verify a customer, and no bank will ever ask for ATM pin or the CVV number on the card.
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"Such information is strictly confidential and is not known to employees/service personnel of the bank. So any time, customers are asked to provide these, it should be a red flag. It would be best to disconnect the call and reach out to the bank directly via their website asking for clarifications," Shetty suggests.
This is also applicable for those customers who have lost their credit or debit cards. The bank will be able to identify and block the card basis the account number associated with the card. This information is available on the bank's passbook/cheque book or in the credit card statement.
Do not click on random links
Customers should never click on random links received via SMS asking to 'verify' the card. It's significant to understand that the card is already verified by the bank and there's no need to engage with such messages.
Use only bank website to get contact details of bank
Customers should always access a bank's contact details from its official website and use secure means to contact them in case of problems.
"People should type out the bank URL in the address bar of the browser every time they access the bank website. On the bank website, they should look for the padlock symbol either in the address bar or the status bar (not on the web page), and click on it to check the security certificate. They should never use unfamiliar open networks or public hotspots to access any financial information as data shared across such networks can be potentially hacked into," Shetty cautions.
