SBI, HDFC, ICICI Bank Warns About EMI Fraud To Steal Your Money: Stop Doing This Right Now!

Last month, to ease the burden of EMIs during the lockdown period, the Reserve Bank of India (RBI) had announced a three-month moratorium on all types of payments, loans, and credit cards bills between March 31 and May 31. 

Major banks in India including HDFC Bank, ICICI Bank, SBI and others are warning citizens about this new scam involving EMI and cyber fraud.

Read to find out more

EMI Moratorium Scam!

As the RBI announced this new scheme that is being launched, many  customers talked about it with the bank representatives. The fraudsters looking for an opportunity to dupe gullible customers of their savings, have sought the EMI moratorium as a motive.

The banks are strongly advising the customers not to share sensitive information like OTP and PIN with imposters.

Over the past few days, all the major banks like SBI, Axis Bank  have sent out emails and SMSes to their customers informing them about the new scheme adopted by the cyber frauds to  gain access to banking details.

What will the Fraudster Do?

The Fraudster may call you in the guise of a bank representative. He might talk you into the advantage you can take of the EMI moratorium announced by the RBI. To make the call appear real, the fraudster will pretend to verify details like date of birth, Aadhaar number, address, etc.

Pretending to help you get the EMI moratorium and its advantages, the fraudster will send you an online form to fill in, which asks you to provide details like card number, CVV, expiry date. After that the caller will inform you that you will get an OTP on your phone which you are required to share with him to confirm the transaction.

Now that the fraud caller has all the card details, he will initiate an online transaction and will then ask for the OTP that you have received on your phone. If you tell him the OTP thinking you are getting advantages of the EMI moratorium, money will get debited from your account into his. 

The catch here is that the fraudsters know that the victims can’t do much from their homes during the lockdown. Thus seeking this as an ideal time, fraudsters are out to con the gullible customers.

Here is How you can Avoid the EMI Moratorium Scam!

1. Do not share account information like CVV, OTP, expiry date, etc with anyone. No bank employee or online payment app employee is authorized to ask such information.
2. Do not connect with the bank or any online payment app by searching for customer care numbers on Google or social media platforms.
3. Do not pick up calls from unidentified numbers claiming to be banks or online payment apps.
4. Do not enter UPI pin or pay money when you are receiving money.
5. Do not install third party apps like Screen Share, Teamviewer, etc
6. Do not pay any amount to secure a job. No job or internship providing site asks you to pay any amount to secure a job.