Twitter
Advertisement

Important news: RBI issues warning about mobile numbers resembling banks' toll free number

To avoid this kind of mishaps, the customers are advised to confirm the toll-free number of the company.

Latest News
article-main
FacebookTwitterWhatsappLinkedin

The Reserve Bank of India (RBI) has issued a warning regarding a fraudulent method of obtaining sensitive information using phone numbers. The notice stated that a fraud is being committed using mobile numbers similar to banks’ toll free number. Mobile numbers resembling a Supervised Entity’s (SE) Toll Free number are registering mobile numbers in the name of that SE on caller identification mobile apps such as TrueCaller. The State Bank of India (SBI) has uploaded the notice issued by RBI’s Department of Supervision, Central Office Cyber Security & IT Risk Group (CSITE) on its website for its customers.

It is imperative that we explain the modus operandi of the operation to the readers. Let's say that the Supervised Entity’s toll-free number is 1600 826 8234, the fraudster will obtain a number similar to this, say 600 826 8234. The fraudster now then registers successfully on the True caller app with this number as the toll-free number of that SE.

In an attempt to contact the SE, a person will call the fraudster’s number registered on the True caller application. The person then will be susceptible to divulging sensitive details like debit/ card credentials, username, OTP, etc.

It is to be noted that Supervised Entity or SEs can be any legal entity like banks, financial institutions.

The fraudster will then be able to access the victim’s account and carry out illicit transactions.

To avoid this kind of mishaps, the customers are advised to confirm the toll-free number of the company, and not even share confidential information with the bank’s executives.

The notice has advised the SEs to take necessary action to safeguard against this type of fraud.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement