EMI fraud: ICICI Bank, SBI, HDFC Bank and others are warning customers about this new online banking scam


To ease the burden of EMIs during the lockdown period, the Reserve Bank of India (RBI) has announced a three-month moratorium on all types of payments, loans, and credit cards bills between March 31 and May 31. With any new scheme that is being launched, it is quite natural for customers to talk about it with bank representatives. Now, this is where fraudsters see an opportunity to dupe gullible customers of their savings. Major banks in India including HDFC Bank, ICICI Bank, SBI and others are warning citizens about this new scam. Here is how the EMI Moratorium scam happens and how you can prevent yourself.

The fraudster will call you posing as your bank’s representative to talk about how you can take advantage of the EMI moratorium announced by the RBI.

In order to make the call appear real and you don’t doubt the person, the fraudster will pretend to verify details like date of birth, Aadhaar number, address, etc.

The fraud caller will explain the EMI moratorium on EMIs, credit cards and will pretend to help you get it. He or she will also explain the terms and conditions and will sound supportive throughout the call.

Pretending to help you get the EMI moratorium, the fraud caller will send you an online form to fill in. The form will ask for details like card number, CVV, expiry date. In order to gain your confidence, 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.

Without your knowledge, the fraud caller will initiate an online transaction with the card details you have shared in the online form and will then ask for the OTP that you have received on your phone.

The victim may share the OTP thinking this would confirm the so-called EMI moratorium without knowing that the caller has actually debited money from their account.

Knowing that the victims can’t do much from their homes during the lockdown, the fraudsters find this to be the ideal time to do these scams.

SOURCE: Gadgets Now