Axis Bank, SBI, HDFC Bank and more warn customers about ongoing EMI fraud

Customers can now choose to defer their EMI payments by up to three months. Scammers have taken advantage of this by calling up customers and asking for their card details.

(Pixabay)

The Reserve Bank of India on March 27 offered a three-month moratorium on EMI payments of all term loans in view of the ongoing lockdown. Scammers are now taking advantage of this by calling customers and asking them for their OTP to defer the EMI payments.

With the three-month moratorium customers can choose to defer their EMI payments. Also, most banks have made this decision optionable letting the customers inform them if they decide to defer their EMI payments. Seeing how vulnerable people can get and with the ongoing lockdown, scammers are on the prowl trying to take hold of people's bank accounts.

Scammers are calling up customers on the pretext of deferring the EMI payments, and asking them about their card details and eventually the OTP to get full control over their bank accounts. This is one very common bank fraud that has been going around for years in India, and people unfortunately fall for it. In such cases, one should always remember that banks never call customers for their OTP.

The State Bank of India (SBI) and Press Information Bureau's Fact Check have already tweeted alerting users about the ongoing scam. More banks like Axis Bank and HDFC Bank have also warned their customers about this scam. These banks have been sending out emails and SMSs to their customers about being wary of such fraudsters and cyber criminals.

"Imposters may contact you to help postpone your EMI payments and request you to share OTP, CVV, password or PIN related to your banking accounts, it said.Stay aware! If the details are shared, the fraudster can have unwarranted access to your banking information leading to financial loss. Beware of EMI Moratorium Frauds!," Axis Bank said.