SBI, HDFC Bank, or other bank’s customer? Don’t do THIS if you want to defer EMIs

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Updated: Apr 08, 2020 1:06 PM

Beware! It seems fraudsters are not at rest even as the entire country is facing a grave situation due to Coronavirus pandemic.

 three month emi otp fraudBeware of three month EMI moratorium OTP fraud. Representational image

RBI three-month moratorium on loans: It seems fraudsters are not resting even as the entire country is facing a grave situation due to Coronavirus pandemic. They are now finding new ways to dupe unsuspecting bank customers who want to avail the facility of a three-month moratorium on loans and EMIs provided by the Reserve Bank of India. Commercial banks like HDFC Bank, SBI and others are now alerting their respective customers about the sinister ways being deployed by customers, and what they should not do to defer loan EMIs.

“Cyber fraudsters keep finding new ways to scam people. The only way to beat the #cybercriminals is to #BeAlert & be aware. Please note that EMI Deferment does not require OTP sharing. Do not share your OTP,” the State Bank of India tweeted.

In a message sent to its customers, private sector lender HDFC Bank said, “To defer your EMI under Moratorium, HDFC Bank will NEVER ask for OTP, NetBanking, Mobile Banking password, Cust ID, UPI PIN etc.”

What fraudsters do

Fraudsters call customers and ask them to share their OTP to postpone their EMIs. If the customer shares the OTP, the fraudster immediately siphon away the amount.

SBI said, “A new style of Cybercrime has been started by fraudsters. In such frauds, customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared the amount is immediately siphoned away by fraudsters. Please do not share your OTP.”

What you should do?

You should never respond to such calls asking you to share an OTP, or any other personal banking details.

PIB Fact Check team also tweeted: “Beware and Be Alert of cyber frauds asking you to share OTP to defer bank EMI’s. Please note that EMI Deferment does not require OTP sharing. Do not share your OTP!”

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