Phone bank scams you should avoid falling for

Phone bank scams you should avoid falling for

The Internet can be a dangerous place. This is mostly due to scammers, who try to steal your money by getting hold of your personal data. Unsuspecting customers are sometimes fleeced by fraudsters, who call them and trick them into sharing their personal information.

You might have received emails asking for help to transfer a huge amount of money to their country. The sensible thing to do is not to reply to such requests. If you think a stranger from nowhere wants to give you thousands or millions of dollars, think again.

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Scammers talk to you in various ways to get you into believing them and sharing important information such as your credit and debit card details. Here’s what to be on guard against:

Sharing the CVV: You might receive a call from a scammer asking you to share your CVV (found on the reverse of your card) in order to verify bank details. The scammer could give you numerous reasons behind the need for verification of CVV. Never ever share this three-digit number with anyone.

Sharing the last four digits of your credit card: Some enterprising scammers can use the last four digits of a credit card to orchestrate a scam. When you share this information, they can easily match the rest of the digits and establish your identity, which can cost you dearly.

Guaranteed loan: You might get a call purportedly from a financial institution claiming that you have been selected for a preapproved loan. You will be asked to apply by sharing your personal information (which includes your bank details) and paying a fee. Stay away.

Tax refunds: You may be told that you are owed a refund on taxes paid by you and that you must provide your bank account or credit card details for the money to be refunded. To win your trust, the scammer might also offer information about your PAN, financial year, and the amount of tax refund.

Paytm upgrade: After demonetisation, there’s been a spurt in the number of people using mobile payment apps and this has given scammers an opportunity to cash in. The calls claim to be from Paytm or any other mobile wallet and offer to upgrade your account so you can enjoy better cashback offers. The aim is to acquire your confidential banking information.

Insurance maturity: You are informed that you purchased an insurance policy long time back and it has now matured. The caller says they need to verify your bank information in order to credit the maturity amount in your account. They might already have your name and address and only ask for information about your bank account. Be on guard!

Lucky Draw: You might receive calls stating that you won a lucky draw for shopping on an eCommerce site. The caller will require you to provide your bank details or deposit an amount towards logistics charge. Such calls are nothing but a scam to get money and information about your bank account.

If you ever encounter any of these situations, it is best to verify the authenticity of the caller before you share any information. Neither your bank nor the IT department will ever call you for verification of your bank account or card details. Do not reply to any dubious emails and never share your CVV with anybody.

Source:- economictimes

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