SBI’s Warning -You could lose all your money!

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As the world battles against the Covid-19 pandemic, fraudsters in India are in action looking at ways to siphon off your money. One such online crime is being perpetuated against the customers of State Bank of India. Fraudsters have been buoyed by the fact that most people are stuck at home and are scared about the pandemic.

The Scam

India’s central bank recently announced a three month moratorium on loans to help the country’s citizens during these beleaguered times. This included EMIs as well. Taking advantage of the situation, fraudsters swung into action and laid an elaborate trap for unsuspecting customers.

The modus operandi

Like most scams, fraudsters will pose as representatives from the bank to gather your information. To appear legitimate, the caller will share some of your details while reiterating RBI’s message about the three month moratorium. They will then initiate a transaction and cajole you to share the OTP. This will complete the loop of the cybercrime and money will be siphoned off.

SBI’s warning

“A new style of cybercrime has been started by fraudsters. In such frauds, customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared, the amount is immediately siphoned away by fraudsters,” SBI warned.

The moratorium

The way to obtain the facility of the three month moratorium is to write to your bank via email or access their website for related information. No bank, including SBI, will seek your OTP for any purpose. If the caller is seeking your personal details over the phone, then it is most likely a fraud. The caller may speak in a professional manner while knowing all the banking terminology but as soon as they seek your details, know that it is an elaborate con.