Friday, October 4, 2024

RBI warns public about unscrupulous elements using various methods to defraud them

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Reserve Bank of India has cautioned members of the public about unscrupulous elements using various methods to defraud them by using its name in some capacity and resorting to enticing/intimidating tactics and fake central bank accreditation.

RBI said fraudsters use its fake letterheads and fake email addresses, impersonate its employees, and lure people with fictitious offers such as lottery winnings, fund transfers, foreign remittances, government schemes, etc.

Targeted victims are made to part with money in the form of currency processing fees, transfer/ remittance/ procedure charges, etc.

Another tactic that has come to RBI’s notice is of small/ medium businesses being approached by fraudsters posing as government/ RBI officials and made to pay a “security deposit” under the garb of a government contract or scheme, with the promise of attractive payments, per a RBI statement.

Intimidating tactics

The Central Bank said victims are contacted over IVR calls, SMS, emails, etc., whereby fraudsters impersonate RBI officials and threaten to freeze/block/deactivate bank accounts of recipients and convince/ coerce them to share certain personal details, account/login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application using a link provided in the communication.

Further, instances of fraudsters impersonating officials from Government agencies/ RBI and threatening victims for having sent or received illegal goods and items, and being involved in suspicious banking transactions, money laundering, counterfeiting, etc., have also come to our notice.

RBI said it is cognizant of various reports surfacing on incidents of “Blackmail” and “Digital Arrest” by Cyber Criminals.

Fake accreditation

RBI has come across some websites and apps of entities such as unauthorised digital lending apps and other supposed financial services providers, which fraudulently claim to be registered with RBI as NBFC, digital lending app, Payment System Operator, etc.

RBI reiterated that it does not maintain any account in the name of individuals/ companies/ trusts in India to hold funds for disbursal. It also does not open accounts for individuals or ask them to deposit money in those accounts.

The Central Bank does not send emails intimating the award of lottery funds, etc, or any SMS, letter or email to communicate fictitious offers of lottery winnings or funds received from abroad.

“Beware of calls, emails, and any other communication by cybercriminals posing as officials from Government agencies/ RBI, asking for transfer of money under the pretext of any enticing offer or alarming issue.

Do not share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies. Further, such details should not be shared through unverified/unauthorised websites or applications. In case they receive any such requests, customers are requested to get in touch with their bank/branch,” RBI said in its advisory to the members of the public. A list of all entities regulated by RBI is uploaded in the Bank’s website.

RBI said members of the public have been advised not to fall for fake accreditations of RBI by any other websites or apps. Members of the public are advised not to respond to communication from such people/entities and to report such incidents to law enforcement agencies.





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