New Delhi, April 9: The Reserve Bank of India recently announced a three month moratorium on loans to help citizens during coronavirus pandemic. This included EMIs as well.

Soon after the announcement, online fraudsters swung into action to take advantage of the scheme and laid an elaborate trap for unsuspecting customers.

“A new style of cyber crime has been started by fraudsters. In such frauds, customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared, the amount is immediately siphoned away by fraudsters,” SBI warned.

Fraudsters will pose as representatives from the bank to gather your information and the caller will explain you RBI’s message about the three month moratorium. Once you are convinced means you are trapped.
They will then persuade you to initiate a transaction and cajole you to share the OTP. This will complete the loop of the cyber crime and money will be siphoned off.

No bank, including SBI, never asks to share your OTP for any purpose. Be it clear that anybody seeking your bank details over the phone is a fraud and avoid such calls.