Credit Card scam: If you are getting these calls or SMS alerts to increase card limit, its a con
The caller pretends to be a bank employee with an offer to increase the credit card limit. On this pretext, the fraudster manages to gain sensitive data of the credit card holder such as CVV, OTP and other details.
Credit cards offer a number of advantages. But, with the rise of credit cards as a viable payment option, there has been a corresponding increase in scams as well. August 9, four members of a gang were arrested from an area in Delhi-Noida border for allegedly defrauding over 200 individuals of Rs 5 crore with a ruse of increasing their credit card limit.
What was the scam about?
The scammers convinced people to reveal their credit card details. They would get the victims to transfer money by e-wallet, citing operation and other costs. They would ask for details, like PAN and date of birth, and use the information to access the person’s account, according to reports.
The fraudsters allegedly used that money to buy gold online and collected it from jewellers using porter services. The police traced the defrauded amount to the jewellers’ wallets and froze the amount.
With the number of such scams on the rise, it is imperative that individuals remain alert about these phone calls.
How the caller tries to extract confidential information
The caller pretends to be a bank employee with an offer to increase a person's credit card limit. On this pretext, the fraudster manages to gain sensitive data of an individual’s finances such as their credit card CVV, OTP and other details. This data is then used to conduct transactions in their stead.
How to avoid such scams?
If you receive any such calls, the best way to counter them is not to respond. Do not share any sensitive information with someone on the phone such as your credit card number, CVV, password or PIN. Be cautious while sharing personal information online. Remember that any lender or financial entity like the Reserve Bank of India will never ask for any personal data. If you receive a call or text with an offer regarding credit cards that seems unbelievable, it probably is a scam. If you receive any such calls, you can contact the police to register a complaint. Lastly, keep a regular check on your bank statements so that you can catch any unauthorised transactions easily.
Keeping some basic safety tips in mind can help you avoid becoming a victim of such cons.
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