HDFC Bank warns customers of PAN fraud, Issues alert; here's all you need to know

Fraudsters have been using innovative methods to defraud ordinary and gullible people of their hard-earned money, particularly newcomers to digital platforms  

HDFC Bank customers are being subjected to fraud in which fraudsters send a link via SMS or email asking the recipient to update PAN card information by clicking the link.

The bank, to spread awareness, recently tweeted, "#GoDigitalGoSecure", and never click on unknown links requesting that you update your PAN card information.

This is known as a phishing scam, in which fraudsters create a third-party phishing website that appears to be a legitimate website, such as a bank's website, an e-commerce website, a search engine, etc. Scammers send links to these websites via SMS, social media, email, Instant Messenger, and other channels. Many customers click on the link without first checking the detailed Uniform Resource Locator (URL) and enter secure credentials like Personal Identification Number (PIN), One Time Password (OTP), Password, and so on, which are tracked and used by fraudsters.

Here's a list of precautions against phishing attacks
1) Avoid clicking on unknown, unverified links and immediately delete such SMS or emails sent by unknown senders to avoid accidentally accessing them in the future.

2) Before deleting emails with links to a bank, e-commerce, or search engine website, unsubscribe from them and block the sender's email ID.

3) Always visit your bank or service provider's official website. Check the website details carefully, especially where financial information is required.

4) Before entering secure credentials, look for the secure sign (https with a padlock symbol) on the website.

5) Check for spelling errors in URLs and domain names received via email. Inform in the event of suspicion.

The use of digital payments has grown and accelerated during the Covid-19-induced lockdowns. However, as the speed and ease of conducting financial transactions have improved, so has the number of retail financial transaction frauds reported.

Fraudsters have been using innovative methods to defraud ordinary and gullible people of their hard-earned money, particularly newcomers to digital platforms unfamiliar with the techno-financial eco-system.