RBI warns against rising fraud in its name: Know how to remain protected

Cheats using fake RBI letterheads and email addresses, posing as central bank employees to deceive people with false promises of lottery winnings, fund transfers and government schemes

The Reserve Bank of India (RBI) has cautioned people about fraud being carried out in its name, urging them not to share information such as account login details, one-time passwords (OTPs), or Know Your Customer (KYC) documents with strangers.

 

Common tactics used by fraudsters

 

The RBI said that cheats are using various tactics to defraud members of the public by misusing its name. These fraudsters use fake letterheads and email addresses, impersonating RBI employees to lure unsuspecting victims with fictitious offers including lottery winnings, fund transfers, foreign remittances, and government schemes.

 

One common method involves targeting small and medium businesses. Fraudsters pose as government or RBI officials, convincing business owners to pay a ‘security deposit’ under the guise of a government contract or scheme, promising attractive payments in return.

 

 

Intimidation tactics

 

Another tactic involves intimidation through IVR calls, SMS, and emails. Posing as RBI officials, fraudsters threaten to freeze or block bank accounts, coercing victims into sharing personal details or installing unauthorised applications.

 

The central bank emphasised that it does not maintain accounts for individuals, companies, or trusts to hold funds for disbursal. It also does not open accounts for individuals or request them to deposit money.

 

“Beware of calls, emails, and any other communication by cybercriminals posing as officials from government agencies or RBI, asking for transfer of money under the pretext of any enticing offer or alarming issue,” the RBI warned.

 

Protective measures

 

“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.

 

The public is advised to refrain from sharing sensitive information through unverified websites or applications. In case of suspicious requests, individuals should contact their bank or branch immediately.

 

The RBI encouraged anyone who receives such suspicious requests to contact their bank or branch immediately. The central bank also advised the public to report any suspicious communications to law enforcement agencies.