Got a call from your bank? Here’s how you can lose money through this new fraud

  1. Got a call from your bank? Here’s how you can lose money through this new fraud
    With internet banking and mobile banking becoming popular, the risk of losing money to frauds is on the rise. Scams like ATM card skimming and mobile SIM card swap have already duped many users across India. Now, there is a new scam in the form of vishing. The fraud is done entirely through a call and before the victim realises, his or her money is already gone. Here is everything you must know about this new banking scam.
  2. It all starts with a call from your bank. The fraudster will call as a bank representative to grab your attention
  3. To make the call appear real, the fraudster will verify the victim’s details like name, date of birth and mobile number
  4. The call is generally made from what appears to be landline number
  5. The fraudster will generally try to scare you by saying your card will get blocked or something similar
  6. The fraudster might also tempt you with reward points of your credit card
  7. To get your attention, the fraudster might tell to upgrade your card to new chip-based debit/credit cards
  8. To take the conversation forward, the fraudster will ask your customer ID or debit/credit card details
  9. The fraudster may also ask for bank account details to go ahead with a particular request that you have made
  10. The caller will then ask you to verify the service by asking for the OTP that you have received on your phone
  11. The entire process of a vishing call is to hijack your online bank account to transfer money from your account
  12. Mostly, the money is transferred to remote accounts in different states or countries to make it difficult to trace
  13. Remember, no original bank representative will ask for your personal details over calls. In case of any problems they will simply ask you to visit the nearest bank branch