Summary
It is a standard practice among fraudsters to prompt you to share crucial credit card details by creating a sense of urgency. They would say that your card needs verification, without which it stands to get cancelled. Then they would ask you to share the card number, CVV number and expiry date, etc.
One woman lost her ₹2 lakh in a credit card fraud at Panipat city's New Home Colony. After losing money, she filed a complaint with the cybercrime police.
She told police that she received a message that money was being debited from her credit card account. The total amount that was debited from her account stood at ₹1,99,985.
Upon receiving the message, she approached the National Cyber Crime Helpline number 1930 and filed a complaint. This may not be an ordinary incident. But it teaches us several money lessons.
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Money lessons one can learn from this incident
1. Never share your OTP or CVV number: An oft-repated but important piece of advice is that you should never share your OTP or CVV with anyone, not even with a bank official.
2. Don't panic over the phone: It is a standard practice among fraudsters to prompt you to share crucial credit card details by leaving you frightened. They would say that your card needs verification, without which it stands to get cancelled. Then they may ask you to share your card number, CVV number and expiration date, etc.
3. Avoid clicking illegitimate links: If you receive any link giving a tempting offer via email, SMS or WhatsApp, refrain from clicking this link. It would most likely be a scam.
4. Important numbers start with 1600: From January this year, banks are supposed to call their customers only from phone numbers starting with 1600, as per TRAI's (Telecom Regulatory Authority of India) regulation. Large banks rolled out the 1600 series on 1 January, NBFCs followed suit on 1 Feb, and cooperative banks on 1 March. So, any number that you receive which does not start with 1600 is not from a financial institution.
Disclaimer: MintMoney has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. MintMoney does not promote or encourage taking credit, as it comes with a set of risks, such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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