Credit card scam alert: 5 red flags that scream ‘Fake Call’ | Mint

With the increasing use of credit cards across the country comes the risk of credit card related frauds. Recent incidents have clearly highlighted the well planned and ever evolving tactics scamsters deploy to cheat and deceive unsuspecting individuals.

That is why understanding the red flags of fake credit card calls is crucial to safeguard and protect your financial health and long term prosperity.

Hence, let us discuss five warning signs to spot a fake credit card call and promptly raise complaints against such attempts to deal with such threats in an efficient manner.

1. Unsolicited calls claiming to be from banks or RBI

Fraudsters often impersonate government officials from reputed financial institutions such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) or major banks. Recently, the Press Information Bureau (PIB) debunked a widespread scam where fraudsters posed as RBI officials, threatening the suspension of user’s credit card accounts due to alleged credit card related issues.

That is why it is important to keep in mind that such calls are fraudulent and are done with mischievous intentions, hence it is crucial to verify any such claims through the official websites and reach out to the designated customer service teams of RBI and SEBI without panicking.

2. Requests for sensitive information

Do remember, legitimate banks and financial institutions will never reach out to you for personal details such as CVV, OTP, ATM PINs or one time passwords over the mobile phones. For example, recently there was a notable case that involved a gang operating from the Noida-Delhi border.

They were found responsible for cheating and defrauding more than 200 individuals by offering them fake credit limit enhancements opportunities and extracting sensitive information.

That is why in your best interest always remember to never share confidential information such as OTPs, PINs, credit card numbers, CVVs etc., with anyone to keep your financial information and financial health secure.

3. High-pressure tactics and urgency

Scamsters create a sense of significance and urgency, focusing on pressuring the fraud victims to act with distress and with immediate need to meet certain objectives. They might even claim that your account will be blocked or that you have won a unique prize, urging you to share crucial information or make prompt payments on an immediate basis to avoid losing credit card rewards or protect yourself from hefty fines.

All such high pressure tactics are a clear sign of fraud. You should as a responsible credit card user never fall for such tricks and myths. Whenever you do get such calls never panic and simply disconnect the call. Then reach out to the official website of your credit card issuing financial institution, take contact details from there and discuss the entire issue promptly with the legitimate customer service team to clear all doubts.

4. Caller ID spoofing and unusual payment requests

Fraudsters can easily manipulate caller IDs to appear legitimate as if they are reaching out to credit card customers through a legitimate and official source. They might even request for payments through orthodox and unconventional methods such as prepaid cards or cryptocurrencies. These should always be taken as potential scams and should never be responded to.

5. Offers that seem too good to be true

Hence on your part you should be wary of unsolicited offers or promotional products promising significant rewards or benefits. For example, increased credit limits, exclusive offers and deals, free products, free points etc.

In most cases of credit related frauds these are ploys to trick credit card users and extract personal information or money. That is why always verify all such offers that seem too good to be true through the official bank communication channels, such as the respective official website of your financial institution or its dedicated customer service team.

What are the protective measures credit card users can take to keep themselves safe?

• Check and verify caller identity: Always carefully check and verify the identity of the caller’s credential by contacting the bank’s official customer service team.
• Never share personal information: Never discuss or disclose sensitive details such as OTPs, CVVs, or ATM PINs etc over unsolicited calls.
• Report suspicious calls promptly: Promptly report all suspicious calls to your financial institution and local authorities. You can also file an FIR in your nearest police station. The authorities will help you in connecting with the cyber cell. This will ensure that further scams are prevented.
• Build knowledge and stay informed: Try to regularly update yourself on common scam tactics, legal provisions and remain calm and vigilant when faced with a difficult situation.

Therefore, by recognising these warning signs and adopting precautionary measures, all sensible credit card users can better protect themselves against credit card frauds and loss of money.

Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.