Demonetisation not only led to confusion and uncertainty but also giving birth to fraudsters who are trying to dupe people by making fake calls under the pretext of some financial institution and asking their bank account, credit card and debit card details. 

 

Multiple reports of such scams and frauds after the demonetisation is exposing the vulnerability of bank customers and also that better measures are needed to ensure financial safety of customers. 

 

Early December, a Delhi resident and retired additional director of Lok Sabha was duped of ₹70,000 after he received a call from an unknown number claiming to be from SBI and asked him to share his ATM card detail to avoid getting his debit card blocked. When the man shared the details, four transactions happened, and he lost ₹70,000.  He has written police complaint regarding the same. 

 

In another recent incident, six people were arrested who duped above 500 people for more than ₹2 crore under the pretext of giving loans. They set up a fake insurance company and also published ads in a local newspaper. 

 

In Bengaluru also there are reports of people getting calls from banks asking for details of credit and debit cards. Some of these callers are also using RBI's name to dupe the bank customers. 

 

Banks have also reported that customers are calling to confirm whether these calls are made by them or the fraudsters trying to take advantage of the situation. 

 

Here are two easy ways to identify the fake callers:

 

1. As per bank policy, none of the banks operating in India can ask for bank account details of the customers including passwords.

 

2. For verification only name as given in bank account, registered mobile number and address is required.