Have you ever received a call from someone posing as a bank employee who offered to enhance your card’s credit limit? If you turned down the offer, you definitely saved yourself from getting conned.
There have been several instances where credit card customers are tricked into sharing their OTPs under the pretext of obtaining a credit limit increase.
The common modus operandi looks like this: A person calls up a credit card customer with an offer to enhance the credit card limit. When the customer agrees, they would perhaps share their card details, CVV, date of expiry, and even the OTP sent to their registered mobile number.
The hapless card user might later realise that the caller was not from the bank but a fraudster who tricked them into sharing the confidential information. By that time, it will be too late, and damage will already be done.
However, there are ways to stay aware of these scams and remain safe.
Here are some tips to stay alert:
I. Double-check the credentials: Whenever someone calls you claiming to be from a bank, always make sure to cross-verify the credentials. Check the phone number the person is calling from. Does this look similar to your bank’s customer care? From next year, all banks’ numbers would start with the 1600 series, TRAI had recently announced. This would be an effective filter for all fraud calls.
II. Check the tone and language: It is common for fraudsters to make big claims, which may sound dubious. For instance, they would claim to be calling from the head office or that the caller is a bank manager. Generally, a genuine manager would never call for limit enhancement. These red flags should serve as a warning to be cautious.
III. Complete no to CVV and OTP: Regardless of the genuineness of the caller, you should never share the CVV of your credit card or OTP sent on your phone, even if the caller is from the bank. These are very confidential details and you must protect them at all costs.
IV. Message from bank: When you receive an OTP from a bank, the sender is clearly indicated as the bank. Fraudsters send similar-looking messages from random numbers. Never trust these numbers, even if the message text looks genuine.
V. Inform the bank: Whenever you receive a message indicating a debit of your account which you can’t explain, immediately call up your bank to get the card blocked.
Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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