Cybercrooks are adopting more and more innovative ways to cheat people every day. The Cyber Crime Police has received several complaints regarding cheating of KYC updates for SBI, Airtel, and Paytm in the past few months. By using bulk SMS and telephone calls, fraudsters are contacting SBI account holders and credit cardholders to request that they update their KYC details. 

Recently, a woman entered her banking details and other personal information on the web page provided to her by fraudsters, and within minutes, Rs 3.38 lakh were transferred in six transactions from her account.

Mumbai: Former RBI employee loses Rs 3.38 lakh to KYC cyber-fraud

Fraudsters impersonating SBI officials sent a link asking a 70-year-old woman from Thane to fill in her personal banking details to update her Know Your Customer (KYC) form and later transferred Rs 3.38 lakh from her account using the information provided by her. On November 11, a police complaint was filed at Chitalsar Manpada police station.

According to the complainant, she retired from the Reserve Bank of India (RBI) in 2011 and pensions are her only source of income. A message appeared on her phone on November 8 purportedly sent by SBI announcing that she hadn't updated her KYC details along with a phone number.

The complainant called the number and a fraudster claiming to be Rahul from SBI told him that the bank had launched this new service of updating KYC online especially for seniors. He said he would send her a link where she needs to fill in her information. By clicking on the link, the woman opened a web page with the SBI logo on it.

When the woman saw the SBI logo, she believed he was calling from the bank. After entering her banking details on the web page, the woman's account was debited Rs 3.38 lakh in six transactions within minutes.

Following this, she contacted her bank's helpline number to block the card. After blocking her card, she went to her bank where she was made to fill out a dispute form and was told to contact her local police station.

Also Check: Escrow accounts: One of the safest methods of making payments.

How to avoid getting tricked by fraudsters?

1. In the event that you are contacted by someone claiming to be an executive of a company or bank. Confirm the information is accurate before you trust it. Get in touch directly with the company by visiting their official website.

2. Never provide sensitive information like credit card numbers, CVVs, OTPs, UPI PINs, and other confidential information over the phone.  Banks or reputable companies will not contact you for your personal information.

3. You shouldn't let a stranger guide you through the mobile app installation process. If he requests to modify your mobile settings, it might be a scam.

4. Using a digital escrow platform is recommended for making or receiving payments. With Escrow, you do not need to share any of your financial information with anyone. There is a platform for escrow called Vouch.

How does digital escrow work?

In digital escrow, a third-party account holds the money deposited by the buyer until the seller fulfills the terms of the contract. The escrow company supervises the transacting parties.

What is the role of Digital Escrow in preventing online fraud in India? 

Digital escrow services are offered by many companies in India. Among the most trusted is Vouch.

Vouch’s Digital Escrow service is a transparent way for buyers and sellers to build trust and secure a clean transfer of product and payment. Sellers can feel assured that they will be fairly compensated promptly, and buyers will feel confident that their order will be delivered as expected and on schedule. Vouch Digital Escrow keeps you updated and informed at every step of the transaction process till the end. Vouch’s professionals are always available to assist you with all queries that you may have during the entire transaction process. 

There is no scope for deceit or fraud since the payments, shipping, delivery, and execution are carried out under the honest and watchful eyes of the Vouch’s professionals. With Vouch, any business transaction becomes transparent, uncomplicated, and hassle-free. If you ever come across a fraudster asking for OTP, asking you to scan a QR code, or asking you to click on phishing links, you can simply refuse and ask him/her to proceed with the transaction through Vouch.

This is Fraud Story #210. Check back here for more fraud stories and scams that you can protect yourself from.

Safety is not just about protecting your credit, debit card number, and UPI accounts. It's about having control of your money till you've received the product or service you bought online!

Note: This is a good-faith initiative to educate the world about avoiding frauds like these and how to act when you're becoming a victim of such a situation. 

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