Scam Alert. Watch out for fraudsters

Fraudsters have apparently moved beyond forging signatures and cheques to cheat their way to a tidy packet. They are now nicking lakhs of rupees every day from the comfort of their homes.

Swindlers, whether sophisticated organised mobs or small-time crooks sitting at home, fish out sensitive information such as your credit card number, phone number, and bank account number with ease.

They exploit gullible people by way of email or mobile messages, making unbelievable offers or lottery winnings. What’s particularly baffling is that, in most cases, people are willingly give out sensitive information and so fall prey to online scams.

Take the case of Vishal, who had just bought his Samsung S5. He received an SMS claiming that his mobile number had been selected to win bumper prize of £50,000. Improbable as it seemed, he gleefully did his math, converting the potential pounds to rupees.

But the SMS asked for his bank details; he found that unsettling and so decided to double-check. He dialled the number in the message.

His call was answered by a woman who was polite and talking with a British accent. Vishal was convinced about the genuineness of the caller and sent his bank details without any hesitation for the prize money to be credited directly into his account. That prompted another mail asking him to cough up some ₹Rs 2.5 lakh towards COT code— cost of transfer charges. To Vishal, the deal still appeared profitable.

Also, since the mail appeared to have been sent from the RBI ( transfer_unit@rbionline.org.in ), it seemed genuine. It contained plenty of jargon including references to various Acts (a Local Transfer Act was one!)

Fortunately for Vishal, he asked his brother to help him decipher the mail and was told by him in no uncertain terms that his dream of bagging a few lakhs as prize money was a hoax.

As Vishal found to his advantage, and many others to their cost, several scams with the same modus operandi regularly do the rounds. The RBI has specifically and repeatedly cautioned public against these scams.

These scam artists ask potential victims to deposit small sums of money for such reasons as processing or transaction fees.

To lend credence to such offers, the communication is often made to appear to be from public authorities and is signed by top executives.

It was then that Vishal remembered the signature that followed the mail — ‘Yours in service, Dr Raghuram Rajan, Governor!’

Another case is that of Shashi, who received a mail saying she had won a cash lottery. She was asked to pay customs duty to release the payment, as the person carrying the cheque was held up at customs. Add to it the taxi fare for the person who was to deliver the check home!

Another type of fraud that the RBI regularly highlights tries out retrieve sensitive information by impersonating public institutions such as the RBI.

When Suresh received a mail that he could open a savings account with the RBI, and that it could be done online ( http://www.rbi-inonline.org/savings.html ), he didn’t find anything amiss.

Fortunately for him, he discussed the mail with the manager of his existing bank. It was then that his bank manager explained that the RBI does not offer services that are offered by commercial banks — savings bank account, current bank account or credit cards.

Falling for the scam would have led Suresh to disclosing important personal information that could have been misused.

Another avatar of such communications seemingly in the RBI’s name invites bank customers to update their bank account details to, ironically, guard against online phishing.

Mails from no-reply@rbi.com, offering a ‘new online security protection’, or from alert@rbi.org offering a ‘new online security platform’ or informing people that the RBI has set up a new 24x7 Centralised Monitoring Centre are further instances.

A common thread in these cases is that the communications ask people to share their account information or carry attachments.

The RBI has warned that these may be phishing mails which are purely meant to glean information, leading to identity theft.

If you receive such fraudulent mails or messages or fall prey to such scams, you can register a complaint with the local police or cyber crime authorities.

The RBI also lists nodal agencies with whom you can register complaints on its website.

But justice may take long to come by and you don’t know if you will be able to retrieve what you lost. Simply exercising caution and common sense should keep you out of trouble. So listen to your bank and the RBI. Don't give out sensitive personal or bank information at any cost.