Cyber Scams

BE/RBINOTE/39/2020

There is an observation by RBI that cyber scams are on a rise and customers should not share their OTP, UPI PIN or other bank details with anyone.  It explained how these details can be used by scammers to steal money

• Merely days after the world witnessed one of the worst cyber-attacks of all time during which Twitter accounts of several public figures like Bill Gates, Elon Musk, etc were hacked, the Reserve Bank of India has now warned people against cyber-crimes and identity theft in particular.
• In a tweet, the central bank said that the number of cyber scams is on a rise and bank customers need to be extra careful to keep their money safe.
• The tweet said, “@RBI Kehta Hai…Keep your personal details safe. Beware of Identity thefts!”. It also shared a GIF which mentioned safe banking practices for protection against such scams.

What you must not do:

In the GIF, RBI mentioned that cyber scams are on a rise and customers should not share their One Time Password (OTP), UPI PIN or other bank details with anyone. The GIF explained how these details can be used by fraudsters to create a Virtual Payment Account (VPA) on behalf of customers, which can be later used to debit money.

Identity theft:

It is worth mentioning that identity theft is becoming a major issue among online users. Earlier this year in April, NortonLifeLock released findings from its annual Cyber Safety Insights Report which showed that nearly 4 in 10 respondents in India (39 percent) have experienced identity theft, with 10 percent impacted in just the past year.

What to do to prevent identity theft:

To prevent identity theft, you need to be careful and take steps like using legitimate sites when shopping online, using a secure network, remaining on the lookout for devices attached to card readers or ATMs, and keeping an eye on your credit card statements and credit reports.

Suggestions to stay safe from Cyber scams:

1. Clean slate: If you bought a new device like a smartphone, iPad or laptop, keep your personal information private and wipe your old device clean. Back up your documents, pictures, and other important data. Then, follow the manufacturer’s instructions to wipe the device clean of any of your personal information.
2. Avoid public charging stations: Avoid borrowing someone’s charging cable or using public USB charging stations as  Cybercriminals have figured out how to implant malware into charging cables and to hack into USB charging stations in shopping malls and airports.
3. Use a Virtual Private Network (VPN): Public Wi-Fi networks may be convenient to use, but hackers can view your online activity while you’re browsing on these unsecured networks. This information can be used to hijack your personal accounts or steal sensitive information. A VPN, like creates a secure tunnel for your data when connected to public Wi-Fi which helps you avoid such cybercriminals.
4. Do not fall prey to phone scammers: Note that companies like Microsoft or Google will not call telling you that they detected a virus on your computer. If a bank, credit card company or loan officer calls unexpectedly and asks for sensitive information like ATM PIN, credit card details, OTP etc, do not give them your information right away. Look up the institution’s customer service number and speak to an official agent directly and ask for clarification. Banks do not ask for details like PIN and OTP.