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HDFC Bank Alert! Fraudsters looking to exploit EMI moratorium to steal money. Beware! Don't do THIS

HDFC Bank Alert: Largest private sector lender HDFC Bank on Thursday sent an alarm for its customers against a possible fraud over the three-month loan repayment moratorium. The bank has asked its users to be "extra cautious".

India TV Business Desk India TV Business Desk
New Delhi Updated on: April 09, 2020 19:26 IST
HDFC Bank Alert! Fraudsters looking to exploit EMI
Image Source : FILE

HDFC Bank Alert! Fraudsters looking to exploit EMI moratorium to steal money. Beware! Don't do THIS

HDFC Bank Alert: Largest private sector lender HDFC Bank on Thursday sent an alarm for its customers against a possible fraud over the three-month loan repayment moratorium. The bank has asked its users to be "extra cautious". The Reserve Bank of India has left it to the banks for implementing the EMI moratorium, which prompts one to maintain communication with the bank for taking benefit of the scheme. The fraudsters are using the scheme to take advantage of the situation especially when the country is under a nationwide lockdown.

What is the modus operandi of fraudsters

According to HDFC Bank Chief Information Security Officer Sameer Ratolikar, the fraudsters are always on the look-out for newer reasons to execute their designs. The EMI moratorium, at this juncture, has become the favourite reason for fraudsters to execute their nefarious designs. The fraudsters are calling gullible people "offering" a moratorium on their loans which involved sending of some web links to compromise your personal data or send messages over SMS or WhatsApp. 

How can HDFC Bank customers protect themselves

Do not share your one-time passwords (OTPs), personal identification numbers or other confidential details like CVV numbers of their cards. According to the HDFC official, no transaction can take place without the exchange of these details. No bank would approach a customer seeking these confidential details and anybody seeking such information should immediately trigger suspicion in the minds of people, he said. Even though most of the instances of suspect transactions are under the guise of "help" on moratorium, there can be other means that can be deployed as well, including relief efforts for the COVID-19 pandemic.

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