It is not always feasible to carry cash everywhere and even if we do there will always remain the risk of losing money or being mugged. Online cashless transactions are the order of the day, but even then you stand the chance being robbed by cyber criminals.
According to a PWC report ‘Global Economic Crime Survey’, online fraud will soon be ranked third in the list of economic crimes in India.
It is a common norm these days to get mails from various sources asking you for your bank details or offering you lucrative cash awards once they have your personal information. They may ask for your bank account number, PIN number, your user name, even your CVV number or phone number.
Once these fraudsters manage to obtain some form of information they get access to your phone sim block it and create another one having the same number. They then use it to generate one-time password (OTP) required for bank transactions and the rest is easy. Even before the victims realise, their savings are gone.
It has been said many times… but even then innocent people still fall prey to these cyber criminals. So be careful… never share PINs and OTPs with anyone regardless of the reason stated. Banks never call asking for such details.