During these turbulent times, fraudsters are working overtime to rip off consumers. The gullible become victims easily. But it does not means streetwise are immune. While banking frauds is nothing new, the fraudsters are using present pandemic to their advantage. The deferment of Equated Monthly Installments (EMIs) on all term loans and credit cards by the RBI, necessarily to be followed by all associated banks including Jammu and Kashmir premier institution, has now come handy to the fraudsters.
As part of Covid-19 relief package, the Government had imposed a moratorium on EMIs of all term loans with effect from March 1, 2020 to May 31, 2020. This is also applicable to credit card payments.
However, it has come to fore that scammers are now calling bank customers claiming to be bank’s representatives and ask for details and OTPs. While consumer face difficulty in approaching banks to request for deferment of the EMI on receiving a fake message, they fall prey and tend to share details when imposters contact them for alleged help in postponing EMI payments.
Police has issued a caution that these fraudsters use the details and initiate an online transaction and ask for the OTP saying that it is required for completing the process of deferment of EMIs on loan.
Once OTP is provided by a customer, money is siphoned away. The fraudster may also send a malicious link in SMS or email in connection with EMI which if clicked, may install malware to compromise the mobile or computer, police said.
It should be borne in mind that the One Time Password (OTP), or PIN related to one’s bank account should never be shared with anyone as no bank asks for same over phone or online.
It would be wise not to click on any links from unknown sources and it is better to ignore any offers online or otherwise. One would be better advised to thoroughly research any organizations or charities purporting to be raising money during Ramazan or for the victims of the coronavirus.
Also it is incumbent upon the banks to clarify to all customers that EMIs are not being deducted for the time period already specified by the government. They are also duty bound to regularly keep customers aware not to fall prey to online fraudsters.