Credit card holder duped of ₹1 lakh; 5 money lessons one can learn

A man was duped of ₹1 lakh in a fake credit card scam. The victim in his complaint said he had received a call from a person who introduced himself as an employee of a private bank, PTI reported.

He said the man said he had been issued a credit card and it needed to be activated. The caller tricked the complainant into sharing a one-time password (OTP), following which his phone was hacked and ₹1 lakh was siphoned off," the officer said.

Police traced the money to an account in a Panipat bank and found that the accused had earlier been booked in a similar fraud case in Delhi's Dwarka.

He did not operate the scam alone, and there were many involved in generating and selling fake credit cards.

Such credit card-related frauds are becoming quite common. Therefore, it is important for the cardholders to become alert. This fraud tells us to be careful.

5 money lessons to protect your money

I. Never share the OTP: This is one rule which one must follow religiously. Even the RBI cautions customers not to share OTP even with bank employees.

II. Visit app or website: In this case, the fraudster was assisting the card user to activate the card, whereas it is super simple to do it on your own.

III. Number from website: Sometimes, gullible cardholders fall victim to getting numbers from Google. It is recommended to get the phone number from the official website instead of risking the safety of your money by reaching out to some random person whose number you found from a search engine.

IV. Downloading app: Do not download any unofficial app at the nudging of someone over the phone. Typically, fradusters get access to your phone with the aid of an app which they urge you to download.

V. Transaction limits: Another tip which the credit card holders should follow is to set the transaction limits of their credit cards for online transactions. For instance, when the maximum amount that you can spend through online transactions is set at ₹20,000, then you will be intimated if someone tries to carry out a transaction higher than this amount, and then you could take an appropriate action, such as blocking the card or changing the password, etc.

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