New Delhi. Amidst the increasing use of digital payments and credit cards, cyber fraudsters have also made their methods and traps more clever. In recent times, a new scam in the name of ‘Credit Card Limit Enhancement’ has increased rapidly. In this, fraudsters call the cardholders pretending to be bank officials and by luring them to increase the limit, they even obtain OTP, CVV and card details. As soon as the customer shares this information, the money disappears from his bank account within minutes.
According to many banks, people often do not understand that real bank officials never ask for such details over the phone. People immediately believe in the lure of convenience and offers and because of this, fraudsters easily do their work. Let us understand how this scam happens and how it can be avoided.
How does credit card limit enhancement fraud happen?
In this scam, a fraudster calls you posing as a bank officer. He very politely tells you that your credit card is good, your payment record is excellent and the bank is giving you a special offer to increase the limit. This offer sounds attractive because everyone wants more limits. After this the fraudster explains some steps and says that to complete the process, card number, CVV and expiry date are required. He claims that OTP is just a confirmation code that you have to provide. Many customers get confused and give all this information. As soon as the OTP is shared, the bulk amount is withdrawn from the card or spent on any online platform in real-time. By the time the customer understands, it is too late.
Why do people fall into such traps?
- The tone of the caller is very professional.
- Language similar to the official terms and messages of the bank is used.
- The customer feels that he is taking advantage of the bank’s service.
- Many times fraudsters call from numbers that look like real bank numbers.
- People have less information about cyber fraud.
- The fraudsters have so much training that they can trap the customer in simple words.
You can avoid this scam in these 5 ways
1. Make sure to check the identity of the caller
Whether any call is real or fake can be understood to some extent from the phone number. TRAI has recently announced that from next year all bank numbers will start from 1600 series. If the call comes from a random mobile number or an unknown series, then understand that it is a hoax. Bank officials never call you personally to increase the limit.
2. Never give CVV, OTP and card details
Do not tell OTP, CVV, PIN to anyone. Don’t even tell the bank. There is no need to provide OTP in any valid bank process. If someone is asking for OTP, then understand that he is trying to withdraw your money.
3. Be careful with messages and links
Fraudsters send such messages which look exactly like those of banks, but are sent from unknown numbers. Link is given in messages like OTP, KYC update, card block, limit enhancement. By clicking on these, your phone or bank details can be stolen. Always recognize the official SMS ID of the bank. The number whose SMS looks like a bank is not necessarily genuine.
4. Say ‘No’ to suspicious calls immediately
If the caller is trying to appear more professional by pretending to be a bank manager or head office employee, then be alert. Real officials of the bank do not increase the limit by calling themselves like this. Whatever offer is made, it comes through the bank app, SMS or official email only. If there is too much pressure on the call or if you are asked to hurry up, disconnect the call immediately.
5. If you see suspicious activity, inform the bank immediately
If you receive any unknown OTP or any debit message on the card or if any suspicious activity is seen after the call, then immediately call the toll-free number of your bank and get the card blocked. Most bank customer support works 24×7. Damage can be reduced by taking early action.
