Beware of this New Bank Scam

With Internet banking and mobile banking increasingly popular, the risk of losing money due to fraud is increasing. Scams such as the use of ATM cards and the exchange of mobile SIM cards have already tricked many users throughout India. Here is how you can lose money through this new fraud. The fraud is completely done through a call and before the victim realizes, his money is gone.

Here you will find everything you need to know about this new bank scam.

1. It gets initiated with a call from your bank. The scammer will call as the bank representative to catch your attention.

2. To make the call look real, the scammer will verify the details of the victim, such as name, date of birth and contact number

3. The call is usually made from what appears to be the landline number.

4. The scammer will usually try to scare you by saying that your card will be blocked or something similar

5. The scammer can also tempt you with reward points on your credit card

6. To grab your attention, the scammer may ask you to upgrade your card to new chip-based debit/credit card

7. To carry on the conversation, the scammer will ask for your customer ID or debit/credit card details

8. The scammer can also request that the details of the bank account go ahead with a particular request that has been made

9. The caller will ask you to verify the service by requesting the OTP you received on your phone

10. The whole process of a vishing call is to hijack your online bank account to transfer money from your account

11. Most of the times, money is transferred to remote accounts in different states or countries to make tracking difficult

12. Remember, no original bank representative will ask for your personal information during calls. In case of problems, they will simply ask you to visit the nearest bank branch