Many of us would have gone through this. We wake up in the morning and check our messages and see that ₹20,000 has been spent on your credit card in some random city. Such instances of banking fraud is becoming all too common in India. According to the RBI, fraudsters are finding new ways to defraud the gullible public through various ingenious methods.
RBI released a booklet on the common modus operandi used by fraudsters. The book has been divided into three parts- Part A and B list out the commonly observed modus operandi and precautions to be taken against fraudulent transactions relating to banks and non-banking financial companies (NBFCs), and Part C explains the general precautions and digital hygiene measures to be taken by the public.
While you may already be aware of some of these tricks, here’s a look at some methods used by fraudsters according to RBI:
Frauds using online sales platforms
Fraudsters pretend to be buyers on online sales platforms and show an interest in sellers’ products. Many fraudsters pretend to be defence personnel posted in remote locations to gain confidence. Instead of paying money to the seller, they use the “request money” option through the Unified Payments Interface (UPI) app and insist that the seller approve the request by entering UPI PIN. Once the seller enters the PIN, money is transferred to the fraudster’s account.
Frauds…
