Amid rising instances of fraud using the Unified Payment Interface (UPI) platform, the Reserve Bank of India had cautioned all banks and payment system operators about a new modus operandi allegedly used by scammers to target customer phones. In this notification reserve bank India have strictly asked all banks, brokers etc to not use remote access applications. Despite these measures, there is no significant decrease in such incidents.
RBI wants all institutes to be KYC compliant in the given time frame . Which is being a major cause of concern to the customers. Being non KYC user limits access,transaction and features. Scammers have picked the same and manipulating customers to steal their money.
How the scam works
- You get a call that your wallet or bank KYC is invalid.
- Caller says it can be validated online so that your account is active again.
- You are asked to download an app to facilitate step-by-step guidance.
- When you use the app, caller can see your phone screen.
- He asks you to transfer a small token amount to your wallet.
- When you do so, he can see your password and other details.
- He uses them to simultaneously transfer larger amounts from your bank.
- Victim gets OTPs for all transfer requests but these can be seen by scamster via the app.
- In a matter of minutes, the scamster cleans out the bank account.
How to safeguard yourself
- Do not share OTP with anyone.
- Strictly avoid remote access applications.
- Don’t share AADHAR copy without blacking out first 8 digits.
- Update your latest contact details.
- Inform your bank or broker if you sense any anonymous activity in your account.
- Change your password at least once every three months.
- Don’t share your mobile and confidential data with anyone.
- Most important , Don’t do monetary transactions on public or open wifi network
Thanks you , be safe . Cheers