In the wake of lockdown, their ways to cheat are changing accordingly.
In wake of the countrywide lockdown announced by Prime Minister Narendra Modi, the Reserve Bank of India had recently asked banks to defer the equated monthly instalments (EMI) of loan holders in an attempt to provide them relief.
However, online fraudsters are active even during the lockdown and cheating people using several different ways. In the name of skipping EMI payments, these fraudsters are attempting to steal money from people's bank accounts.
In the wake of lockdown, their ways to cheat are changing accordingly. They now use the EMI deferment scheme to siphon off money from bank accounts. The number of such incidents has increased and both banks, as well as the police, have issued advisories in this regard.
To safeguard yourself from such frauds, you need to understand the modus operandi of these scammers.
You will receive a phone call asking if you would like to postpone your EMI. If you say yes, they will ask you the (one-time password) OTP that they have sent to your phone to defer your EMI. If you tell that OTP to your phone caller, all your money will be withdrawn from your account.
What you must know that it is the OTP that comes to your phone during the online transaction from your account. It remains active for a few seconds and in the meantime, the thug on the phone call siphons money from your account.
You are advised to never share an OTP with anyone.
If you indeed want to defer your EMI, you can visit your bank's website for more information. Here are the ways you can avail the EMI postponement scheme.
1. All customers who want to hold EMI of their loan, they need to contact the bank through email.
2. Those who cannot e-mail should write an application and submit it to the bank's home branch.
3. Details about application format and the bank's email ID are available on the bank's website.
4. You should know that by postponing your EMI for 3 months, you are adding an additional three months to your actual repayment period.
5. During these three months of the moratorium, interest will be charged which you will have to pay later as an additional EMI.
6. Those who do not want to hold their EMI need not do anything. Their EMI will continue as it was deducted earlier.
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 "Scammers are now using EMI deferment scheme to steal money")
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