Conmen use EMI deferment option to swindle gullible

Kevin Mendonsa | TNN | Apr 8, 2020, 04:00 IST

Mangaluru: If you receive a call requesting OTP for processing EMI deferment, and in case you do it without thinking twice, it can clean up your bank account. Cyber experts have warned bank account holders that scamsters are taking advantage of deferment of EMIs being allowed due to the Covid-19 pandemic, and conning people.
Ananth Prabhu G, a professor at Sahyadri College of Engineering and Management, and a cyber security trainer, said that scamsters are making the best of the situation. This is because customers have to opt for EMI deferment, and it is not by default. The banks have to be given instructions by individuals, through a simple process, to defer their EMIs. “Most who fall prey to these scamsters are poor in English, and find it difficult to carry out the process to defer EMIs. The fraudsters call up their targets and ask whether they want to defer theif EMIs. When consent is given by them, and the target follows the process, an OTP is sent to the victim’s phone, which the scamsters ask for from the victim. Seconds after it is shared, money vanishes from the victim’s account,” said Ananth, adding that bank details, including credit and debit card details get compromised due to the scamsters, and are made available on the dark web.
EMI deferment fraud is also done by sending phishing emails. “Fraudsters create an email id which resembles that of genuine banks, and when the gullible click on it, it redirects them to a fake website. When one logs in with correct credentials, the money vanishes from the victim’s account. Usually, when genuine links are clicked, it redirects to the bank app, installed in one’s phone, and not browser,” says Ananth, on how to be on guard against such fraudsters. “Similarly, the request money option on mobile wallets can also be used by conmen. If the user is smart and reads the SMS alert, this fraud can be avoided,” he says, while explaining about the third type of EMI deferment scam.
Another fraud that is emerging these days is the ‘coronaviruspatientdetector’ app, which tricks the victim to share their bank details.
Cybercrime police in Mangaluru said that OTP fraud cases have not yet been reported here, but fake bank accounts are being created, requesting people to donate money to fight Covid-19.
Another scam in the city is targeting tipplers. Cybercrime police sources said that some miscreants have created fake Facebook accounts of city-based liquor vends, and uploaded information on availability of liquor, which is home delivered. “Many tipplers have called the number mentioned in the post. However, when the fraudsters requested for partial payment of money, many refused to pay, as they smelled something fishy. The liquor shop owners have filed a complaint in this regard,” the source added.
D Roopa, IGP, Railways, tweeted rom her handle @D_Roopa_IPS “There’s is a new cyber fraud that’s come to light. Modus operandi is, customers get calls requesting for OTP to postpone their EMI. Once OTP is shared, amount is withdrawn. Requesting all to spread this message.” @CyberDost @CybercrimeCID @KarnatakaVarthe @BlrCityPolice @bommai