RBI cautions against fraudulent activities in its name
Small/medium businesses being approached by fraudsters posing as government/RBI officials and made to pay a "security deposit" under the garb of a government contract or scheme, with the promise of attractive payments
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Mumbai: The Reserve Bank of India (RBI) on Thursday cautioned against fraudulent activities in its name and asked the public not share account login details, OTP, or KYC documents with unidentified persons. It has come to the notice of the RBI that unscrupulous elements are using various methods to defraud members of the public by using the name of RBI in some capacity, the central bank said in a statement. The RBI also listed various modus operandi employed by fraudsters. Fraudsters use fake letter heads and fake email addresses of the RBI, impersonating as employees of the central bank, and lure people with fictitious offers such as lottery winnings, fund transfers, foreign remittance, and government schemes.
Targeted victims are made to part with money in the form of currency processing fee, transfer/remittance/procedure charges. Another tactic that has come to our notice is of small/medium businesses being approached by fraudsters posing as government/RBI officials and made to pay a "security deposit" under the garb of a government contract or scheme, with the promise of attractive payments. Fraudsters also use intimidating tactics wherein victims are contacted over IVR calls, SMS, and emails. They impersonate as RBI officials and threaten to freeze/block/deactivate bank accounts of recipients and convince or coerce them to share certain personal detail or install some unauthorised/unverified application using a link provided in the communication.
RBI further said it has come across some websites and apps of entities such as unauthorised digital lending apps and other supposed financial services providers. The RBI reiterated that it does not maintain any account in the name of individuals, companies, or trusts in India to hold funds for disbursal. It also does not open accounts for individuals or ask them to deposit money in those accounts. Further, the RBI does not send emails intimating award of lottery funds or any SMS, letter, or email to communicate fictitious offers of lottery winnings or funds received from abroad.
"Beware of calls, emails, and any other communication by cybercriminals posing as officials from government agencies/RBI, asking for transfer of money under the pretext of any enticing offer or alarming issue," the RBI said. "Do not share" account login details, personal information, copies of KYC documents, card information, PIN, password, and OTP with unidentified persons or agencies, it said. Public should also not such details through unverified/unauthorised websites or applications. In case one receives any such requests, he or she is requested to get in touch with their bank/branch, the RBI said. The central bank advised the public to report suspicious communications to law enforcement agencies.
