People have been left with unexpected loan bills up to lakhs of rupees due to the emergence of a sophisticated cyber fraud operation that targets bank customers. Fraudsters use a well-known delivery service, the police, or a drugs control agency as a front to trick victims into revealing their bank account information.
Senior inspector Suresh Shinde from Pune’s cybercrime cell said, “We have received complaints, and investigations are under way. Fraudsters claim to be from a popular courier firm, tricking people into sharing card and internet banking details by alleging that their parcels contain illegal substances.”
Another senior official from the cybercrime cell stated that the con artists use these stolen credentials to request quick loans using a bank’s online platforms. “These loans, which can be for substantial amounts like Rs 20 lakh or more, are quickly approved, and the money is transferred into the victims’ bank accounts. The fraudsters then convince the victims that this money in their accounts is fraudulent and needs to be transferred to another account. These are just tactics.”
The victims are left with a sizable loan liability to the bank once they transfer the money. The bank views the loans as valid transactions because it processed them using its immediate facility. “We urge all citizens to be extremely cautious and never share their banking details, OTPs, or other sensitive information, regardless of who the caller claims to be. If you receive such calls, please report them to the cybercrime helpline immediately,” the official said.
Shweta Chawla, a forensic cybercrime expert working on this issue, said, “We are seeing a new and particularly devious form of cyber fraud targeting bank customers. The scam begins with victims receiving calls from individuals posing as executives from a popular courier firm. These fraudsters claim that the victim’s courier has illegal substances and that the police need to conduct a verification process. They somehow coerce the victim to share their bank account details as well as their internet banking password.”
The twist in this scam is how they exploit the bank’s instant loan facility, she said. “The fraudsters, having obtained the victim’s bank details, apply for substantial instant loans. These loans are processed rapidly through the bank’s digital channels.”
The fraudsters tell the victim to move the money into a different account after the loan amount is transferred into their account, stating it is unlawful. According to her, the victims comply because they think they are helping the authorities.
“The real problem starts after the money is transferred out. Victims suddenly find themselves owing massive amounts to the bank. The bank, having processed what it believes to be a legitimate loan application, holds the victim responsible for repayment. In one case, a victim lost lakhs in minutes,” Chawla said.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.
