Have you ever received a tempting phone call from someone posing as a bank employee offering to increase your credit card limit. If you’ve declined such an offer, you’ve likely avoided a major and serious fraud. Recently, several cases have surfaced where fraudsters are luring credit card users with the promise of a limit increase and asking for their OTP. This is a very dangerous trap that every consumer must understand.
Limit Increase Scam
This dangerous method of fraud is extremely simple, yet highly effective. First, you receive a phone call in which the fraudsters pose as a bank representative and offer to immediately increase your credit card limit.
If the customer falls for this trick and agrees, the fraudsters take the next step. They ask the customer for their card number, CVV, expiry date, and even the OTP received on their mobile phone. By the time the customer realizes they were speaking to a fraudster, not a bank employee, the entire loss is already done, and the money has been withdrawn from the account. Vigilance is the only way to avoid this trick.
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Tips to Avoid Fraud
To ensure your financial security, you should strictly follow these 5 important tips:
Perform a thorough identity check
If someone claims to be a bank employee, don’t blindly trust them. First, check the number. Is it the same as your bank’s customer care number? According to TRAI, from next year, all bank numbers will start with the 1600 series, making it much easier to identify fake calls.
Pay Attention to the Speech Style
Scammers often make exaggerated claims, such as “I’m calling from the head office,” or “I’m the bank manager,” etc. The reality is that bank managers never call to increase their limits. Be alert immediately if you hear such unusual things.
Sharing your CVV and OTP is strictly prohibited
No matter how trustworthy the caller appears, never share your CVV, OTP, or confidential card information with anyone, not even your bank. Banks themselves never ask for an OTP.
Identify Bank Messages
OTP messages from banks clearly state the sender’s identity. Scammers often send similar messages from common numbers. Never trust such messages.
Inform the Bank Immediately
If you receive a card debit message and suspect the caller, call your bank immediately and have your card blocked. Taking immediate action can prevent major losses.
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