Banking fraud can happens over the phone
You can easily be deceived into providing your personal and financial details to a fraudster over the phone. This kind of fraud is known as vishing. Under vishing, a person can use a combination of voice over Internet protocol technology and phising (emails that seem to be sent by your bank).
How does it happen?
Typically, there are four steps through which you become a victim of a vishing attack.
Step 1: The fraudster sets up a dialler—an automated dialling programme—that makes a call to your phone.
Step 2: When you answer the call, you hear a pre-recorded message stating, your credit card has been used for an illegal activity or an unusual or out of ordinary purchase activity has happened on your account. The recording also tells you to call the recorded number at once. The number which is provided is usually a toll-free number. If you have a caller identification on your phone, it may show even the word “bank”. But it’s a false number; you are actually calling the imposter instead of the bank.
Step 3: Once you call the number, you hear a voice recording (or a person), asking you to go ahead with the account verification process. Under this process, you are required to punch in your credit card number. You may also be asked to punch in the card verification value number, a three-digit number on the back of your card near the signature space. You may also be asked to give the expiry date of the card, your bank account number and other security details.
Step 4: The details get recorded and fraudsters can access them and can easily misuse them.
Alternative mode: Sometimes a vishing attack is carried out through a missed call from a private or unknown number or a call from a number beginning with +92. When you call back, a recorded voice informs you that your phone bill is unpaid and prompts you to make a credit card payment right away. If you give your details, the card is used for fraudulent activities.
How to safeguard against vishing
Machine: Whenever you receive such a call from a machine, you should not call back at the number it specifies.
Email/SMS: Do not call back and divulge your account details to any number which you receive via an SMS or email even if it appear to be from your bank.
Person: If a genuine representative of the bank calls you up, he would have your basic information such as name and age. But as a pre-cautionary measure, even if the person has such details, disconnect the call.
In all the above cases, contact your bank immediately. Use the number mentioned at the back of your card or the number mentioned on the bank’s website or account statement.