Scam rides on note ban

Fraudsters use uncertainty to cheat account-holders

Crooks have benefited from the uncertainty caused by demonetisation and the push for cashless transactions. Police said that after demonetisation, account-holders were nervous after hearing rumours that bank accounts not complying with Know Your Customer norms would be deactivated. Many of them revealed their account details, including the CVV number at the rear of the card, and even OTP numbers, to crooks who posed as bank officials.

The number of complaints has seen a rise since demonetisation was announced on November 8 last.

In most of the case reported to the police, the victims were highly qualified or even software professionals in some cases.

“In almost all the cases, the caller makes the victim panic by threatening that the account will be suspended. Some people called back to verify, but the caller could convince them by creating a fear of the account being blocked,” said Rachakonda cybercrime inspector Md Riyazuddin.

Most of the victims who lodged complaints were not aware of the cashless transactions, while others who fell prey to ‘vish callers’ — those who fraudulently collect account details by pretending to be bank officials.

The vish callers collect card and bank account details and make transactions. They then call the victims back and ask for the OTP as well. The victims, believing it to be part of the banking process, gave them the details.

Binod Mandal, who was arrested from West Bengal for cheating people, assured his victims when they questioned the deductions from their account that the amount would be refunded within 24 hours. Police suspects that the gangs could have collected the data of account holders from various agencies or could be making calls at random