I lost ₹43,000: Fraudsters Trick You into Revealing OTPs and Card Details

My Story: How I Got Scammed

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In a recent incident, I received a call from an unknown number around 11:30 AM. The caller claimed to be a representative of my bank who could permanently block my credit card. Fearing that my card might be blocked, I ended up sharing every detail they asked for. Trusting the caller, I provided my credit card information and, unfortunately, also shared the OTP (One-Time Password) I received from my bank. This led to a financial loss of ₹43,000 as the fraudsters gained access to my credit card and made unauthorized transactions.

How the Fraud Happened:

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1. Unsolicited Call from an Unknown Number:

The fraudster called from an unknown number, posing as a bank representative or a financial service provider. They used a sense of urgency and authority to gain the victim’s trust.

2. False Claim of Blocking the Credit Card:

The caller claimed that the victim’s credit card needed to be blocked permanently due to suspicious activity or security reasons. This created a sense of panic, prompting the victim to act quickly without verifying the caller’s identity.

3. Request for Sensitive Information:

The fraudster asked for the victim’s credit card details, including the card number, expiry date, and CVV. They also requested the OTP sent to the victim’s phone.

4. Unauthorised Transactions:

With the credit card details and OTP, the fraudsters gained access to the victim’s account and made unauthorised transactions, resulting in a significant financial loss.

Warning Signs: When to Exercise Caution

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• 🔴 Urgency & Fear Tactics: The caller created a sense of urgency, warning that your card could be permanently blocked.
• 🔴 Request for Sensitive Information: Asking for full credit card details over the phone.
• 🔴 OTP Disclosure: Requesting the One-Time Password (OTP), which is never required by legitimate bank representatives.

How to Protect Yourself:

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1. Never Share Sensitive Information:
   • Banks or financial institutions will never ask for your credit card details, CVV, or OTP over the phone.
   • Do not share any personal or financial information with unknown callers, no matter how convincing they sound.
2. Verify the Caller’s Identity:
   • If you receive a call claiming to be from your bank, hang up and call the bank’s official customer care number to verify the request.
   • Do not believe in the phone number provided by the caller, as it could be part of the scam.
3. Be Cautious of Urgency and Pressure:
   • Fraudsters often create a sense of urgency to pressure you into making quick decisions. Take your time to verify the situation before taking any action.
   • If the caller insists on immediate action, it is likely a scam.
4. Enable Transaction Alerts:
   • Set up SMS or email alerts for all transactions on your credit card. This will help you detect unauthorised transactions immediately.
   • Regularly monitor your bank statements and report any suspicious activity to your bank.