HDFC Bank introduces Secure Banking during Covid-19, gives tips to keep money safe from fraudsters

By: |
April 9, 2020 6:00 PM

In these trying times, it is important for one and all to be informed about the evolving bank frauds. An alert and well-informed customer is less likely to inadvertently disclose personal banking details.

cyber fraud, online fraud, debit card fraud, credit card fraud, net banking fraud, Coronavirus outbreak, Novel Coronavirus COVID-19, Coronavirus lockdown, social distancing, online transactions, online shopping, money transfers, bill payments, hacking, Cyber security, rbi, reserve bank of India, Once OTP is shared, the card is compromised and the transaction is successful.

Amid the nationwide lockdown in the wake of the Coronavirus pandemic, most people are currently using online avenues for making payments. However, it also poses a great opportunity for scammers. Fraudsters are taking advantage of the fear surrounding the Coronavirus, and are using emerging techniques to dupe customers using EMI Moratorium, etc. as a bait. They are stealing personal data and banking details, among others, and are committing fraud.

Keeping this in view, HDFC Bank today introduced an initiative, called Secure Banking during Covid19. Through this initiative, the bank will educate the general public, including its customers, on 3 emerging online, electronic and digital banking frauds to make them #SecureBankers.

The initiative covers:

# Evolving Bank Frauds in view of EMI Moratorium facility

# Modus Operandi of new and emerging frauds – Fraudsters calling customers to avail EMI Moratorium by sharing all their confidential banking details, including OTP

# How you can become a #SecureBanker

Here is how you can be scammed and how to stay secure;

1. EMI moratorium frauds

Modus Operandi

# Fraudsters call as bank representatives

# Offer moratorium on cards or EMIs

# Send a link and ask the customer to fill up details (card number, expiry date, 3 digit CVV number).

# A customer might get aware only when he receives his monthly account statement.

# Once OTP is shared, the card is compromised and the transaction is successful.

# Initiate a fraudulent transaction & then ask for the OTP.

Secure Banking Practice –

# Do not share OTP or private data with anyone.

# Note that banks will never ask for OTP.

# Always follow directions given on the official bank site or your RM.

2. Covid-19 Apps

Modus Operandi

# The fraudster will call, asking you to download the mobile app from a link.

# The mobile app is malicious in nature which when installed may capture details like username, password.

# The fraudster then asks for an OTP and carry out a fraudulent transaction.

Secure Banking Practice –

# Don’t download any app from an unknown source, link.

# Please download only from Playstore / Appstore.

# Ensure anti-virus is updated on your laptops or desktops and even mobile phones.

3. Social Media Phishing

Modus Operandi

# Fraudsters keep track of official twitter handles of banks in customer grievances.

# They identify one customer who is seeking help from the bank and asking the bank to call him.

# They may approach him/her by sharing a number and asking the customer to call.

# If the customer calls on that number, fraudsters ask for bank details and the customer falls victim to a fraud.

Secure Banking Practice – 

# Banks will communicate through the official website or twitter handles.

# They will DM you and get in touch.

# Always go to the official website for any helpline numbers.

Here are some general tips to stay safe:

# Never respond to any email that asks for personal information.

# Check that the sender’s email address is the same as their display name.

# Don’t click on any link in the email that looks suspicious.

# Do not click on email attachments that ask you to download them for details.

# Check if the email has spelling mistakes or grammatical errors.

# Do not click on emails that have unknown URLs (links).

# Be wary of emails from health organizations like WHO and visit their website for the latest information.

Talking about this initiative, Sameer Ratolikar, Chief Information Security Officer, HDFC Bank, said, “As a socially responsible corporate citizen, Secure Banking during Covid19 is a response to the new and emerging techniques used by fraudsters to dupe customers using EMI Moratorium as a bait. In these trying times, it is important for one and all to be informed about the evolving bank frauds. An alert and well-informed customer is less likely to inadvertently disclose personal banking details. Through this initiative, we hope to create greater awareness of safe banking practices among general public.”

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