Hyderabad: Amidst an ongoing lockdown and frequent notification from RBI, banks on issues related to loan repayment and moratorium, cybercrimes is booming based on the One Time Password (OTP) usually generated during online transactions.
According to reports, fraudsters are calling customers claiming to be from banks, other financial institutions, offering them assistance to avail the loan repayment moratorium scheme, for phishing out account details including debit card number, password, CVV and even the OTP.
Several banks have cautioned their customers against possible attempts by fraudsters as they became active to exploit the three-month loan repayment moratorium offer in the wake of the coronavirus outbreak.
Read: Loan moratorium: Banks ask customers to be cautious against frauds
As per reports, customers from erstwhile Andhra bank were duped in this manner. A former bank employee residing in Hyderabad's Banjara hills got duped and lost Rs. 90,000 after fraudsters received his UPI number.
Fraudsters are reaching out to banks customers through social media, e-mail, phone calls or SMS.
Axis Bank, in a communication, requested its customers to protect their banking information against frauds relating to EMI moratorium.
The Reserve Bank had recently announced a three-month moratorium on loan repayments in the wake of COVID-19 crisis for dues to be paid between March-May 2020 and left it to the banks to implement the same.
Several private sector banks have decided to go for the "opt-in" option on loan repayment moratorium, putting the onus on the customers to take the initiative of informing the lenders of their choice to go for the three-month breather.
