Classroom
oi-Vipul Das
The Reserve Bank of India (RBI) has cautioned individuals against SMS, email, instant messaging, phone calls, and one-time password (OTP) frauds. The Reserve Bank of India (RBI) has released a booklet titled “BE(A)WARE – Be Aware and Beware!” to raise awareness about fraudulent transactions in which fraudsters utilise a variety of methods to obtain a person’s confidential information, causing that person to become a victim of the scam.
“There has been a surge in usage of digital modes of payment in the recent years. This gained further momentum during the Covid-19 induced lockdowns. While enhancing customer convenience, it also furthered the national objective of financial inclusion. However, as the speed and ease of doing financial transactions has improved, the number of frauds reported in retail financial transactions have also gone up. Fraudsters have been using innovative methods to defraud the common and gullible people of their hard-earned money, especially the new entrants in the use of digital platforms who are not entirely familiar with the techno financial eco-system,” RBI has said in the booklet. Here, we’ll look at the most prevalent fraud cases, including as SMS, email, instant messaging, phone calls, and one-time password (OTP) scams, and discover what the RBI has to…
