NEW DELHI: In a bid to warn customers against fraudsters who may attempt to exploit the EMI moratorium scheme, leading banks are reaching out to their customers to caution them against 'EMI moratorium frauds' and strongly advising them not to share sensitive information like OTP and PIN with imposters.
Over the past few days, Axis Bank, State Bank of India (SBI) and other banks have sent out SMSs and e-mails to their customers informing them about new modus operandi being adopted by fraudsters and cyber criminals, to gain access to banking details.
Asking customers to protect their financial details, Axis Bank said in an e-mail to customers said fraudsters have started a new modus operandi to gain access to banking details.
Imposters may contact you to help postpone your EMI payments and request you to share OTP, CVV, password or PIN related to your banking accounts, it said.
"Stay aware! If the details are shared, the fraudster can have unwarranted access to your banking information leading to financial loss. Beware of EMI Moratorium Frauds!," Axis Bank said.
In a tweet on April 5, country's largest bank SBI had said a new style of cybercrime has been started by fraudsters and warned people to 'Be Alert & Be Aware'. "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," it said.
Largest private sector lender HDFC Bank also said fraudsters are exploiting the three-month loan repayment moratorium to execute their designs, and asked everybody to be extra cautious.
The bank, however, clarified that it does not have a single incident of a fraud being noted yet, but is going by anecdotal evidence and market intelligence to caution everybody.
The bank's chief information security officer Sameer Ratolikar said fraudsters are always on the look-out for newer reasons to execute their designs and the EMI moratorium has emerged as a favourite one.
This is being executed by deploying several modus operandi, including calling the gullible people "offering" a moratorium on their loans which results in sending of some web links to compromise personal data or send messages over SMS or WhatsApp, he said.
To give relief to borrowers hit by COVID-19 lockdown, the RBI last month announced that all term loans, including retail and crop loans and working capital payments, will be covered by the three-month moratorium on EMI payments offered.
Earlier, SBI had also cautioned people against fake UPI IDs doing rounds in the guise of Prime Minister's Citizen Assistance & Relief in Emergency Situations (PM-CARES).
"Make sure your monetary donation to fight against the global pandemic is going into the right hands," SBI said.
Over the past few days, Axis Bank, State Bank of India (SBI) and other banks have sent out SMSs and e-mails to their customers informing them about new modus operandi being adopted by fraudsters and cyber criminals, to gain access to banking details.
Asking customers to protect their financial details, Axis Bank said in an e-mail to customers said fraudsters have started a new modus operandi to gain access to banking details.
Imposters may contact you to help postpone your EMI payments and request you to share OTP, CVV, password or PIN related to your banking accounts, it said.
"Stay aware! If the details are shared, the fraudster can have unwarranted access to your banking information leading to financial loss. Beware of EMI Moratorium Frauds!," Axis Bank said.
In a tweet on April 5, country's largest bank SBI had said a new style of cybercrime has been started by fraudsters and warned people to 'Be Alert & Be Aware'. "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," it said.
Cyber fraudsters keep finding new ways to scam people. The only way to beat the #cybercriminals is to #BeAlert & be… https://t.co/nGXNezkEPA
— State Bank of India (@TheOfficialSBI) 1586082334000Largest private sector lender HDFC Bank also said fraudsters are exploiting the three-month loan repayment moratorium to execute their designs, and asked everybody to be extra cautious.
The bank, however, clarified that it does not have a single incident of a fraud being noted yet, but is going by anecdotal evidence and market intelligence to caution everybody.
The bank's chief information security officer Sameer Ratolikar said fraudsters are always on the look-out for newer reasons to execute their designs and the EMI moratorium has emerged as a favourite one.
This is being executed by deploying several modus operandi, including calling the gullible people "offering" a moratorium on their loans which results in sending of some web links to compromise personal data or send messages over SMS or WhatsApp, he said.
To give relief to borrowers hit by COVID-19 lockdown, the RBI last month announced that all term loans, including retail and crop loans and working capital payments, will be covered by the three-month moratorium on EMI payments offered.
Earlier, SBI had also cautioned people against fake UPI IDs doing rounds in the guise of Prime Minister's Citizen Assistance & Relief in Emergency Situations (PM-CARES).
"Make sure your monetary donation to fight against the global pandemic is going into the right hands," SBI said.
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