No OTP sharing needed to defer EMIs: Do not fall for this cyber fraud

New Delhi, Apr 06: With several banks giving customers to opt for a moratorium on their EMIs, a new cyber fraud has come to light.

Customers get calls requesting for an OTP to postpone their EMIs. Once the OTP is shared, money is withdrawn from the bank account of the customer.

In the wake of this cyber fraud, State Bank of India has issued a warning to its customers alerting them of the same. The bank said that customers are getting calls asking them to share their OTP in order to postpone their EMIs.

HDFC loan moratorium explained

EMI deferment does not require OTP sharing. Do not share your OTP, the SBI also said. The bank further said that the only way to beat cybercriminals is to be alert and aware. Please note that EMI deferment does not require OTP sharing. Do not share your OTP and for details on the EMI deferment scheme visit the bank's site, the SBI also said.