Bank customers’ sensitive information is now vulnerable to a new bank fraud that has recently surfaced. NS reserve Bank of India (RBI) has issued a warning circular regarding fraudulent practices being used to defraud customers and extract confidential information. State Bank of India (SBI) has also uploaded the notice on its official website to spread about the new fraud.
As per the circular, frauds falling under the category of social engineering are executed using mobile numbers similar to toll-free numbers used by major banks. The fraudsters use phone numbers similar to the toll-free numbers of the Supervised Entity (SE) and then register these suspicious numbers on a mobile caller identification application like Truecaller.
Supervised entities are considered institutions that have legal credibility, be they banks, insurance companies or other financial institutions. Fraud modalities are designed in such a way that the victim, if not careful, can easily be misled into providing classified information.
It works like this:
Generally, toll-free numbers start with codes like 800, 888, 844, 855, etc., with ‘1’ attached to it as a prefix. Therefore, it looks something like 1800 223 464.
The fraudster will get the same number as the toll-free number, except for the prefix. So, the number 800 looks like 223 464. Then, the fraudster will register this number on the caller identification application in the name of a specially supervised entity, State Bank of India.
It is likely that unsuspecting customers will call suspicious numbers instead of SE’s actual numbers to get their queries resolved.
Once the fraudster comes in contact with the customer through the fraud number, the person lures the victim to provide sensitive information like debit/credit card details, PAN card details, username, OTP, etc.
As new frauds have come to light with the help of credible sources, the supervised entities are now responsible for taking necessary action to prevent as much as possible the damages done by the fraudsters. SE is taking steps to spread awareness about this incident and spreading a cautionary message among the public using websites, social media, e-mails and SMS.
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