RBI issues notice against fake credit cards

159

credit caRD FRAUD

The Reserve Bank of India has recently found out that fraudsters are issuing fake credit cards under its name to dupe people.

According to a notice by the central bank, “The gullible member of the public is sent a credit card which allows withdrawal of money up to a certain limit, albeit a small sum, from a bank account.”

“Having gained the confidence of the victim thus, the fraudster gets him to deposit a huge sum of money in the same bank account. Once the money is deposited, the card stops working and that would also be the last time the holder of the card (victim) would hear from the fraudster,” the RBI further added.

The Reserve Bank was forced to issue a notice after the fraud came to light. It reiterated that India’s central bank does not carry out any business with an individual, whether through savings bank account, current bank account, credit card, debit card, online banking services or receiving and holding funds in foreign exchange or any other form of banking services.

The Reserve Bank also asked the public to be cautious about such fictitious offers being made in name of International Monetary Fund (IMF), income tax authorities, customs authorities or public figures like Governor, Dr. Raghuram Rajan or other senior RBI officials.

In recent years, the Reserve Bank has been target of many such scams. Last November, emails circulating in the name of Governor Rajan asked recipients for “fund release order fee charges” of Rs 9,500. Such mails also solicited other personal information like residential address, mobile phone number, bank account and PAN card details.

Get a chance to meet the Who's who of the BFSI industry. Join 3rd NBFC100 Tech Summit, New Delhi on 27th April and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.