An IVR (Interactive Voice Response) is an automated phone system that helps an individual interact with a company's services using the keypad on the phone. For example, when you receive an IVR call, you might hear options like "Press 1 for bill payment status" or "Press 2 to speak to one of our representatives." IVR systems streamline customer service by directing calls to the appropriate department or providing automated responses to common queries.
It's a way for companies to manage calls and provide information without needing an actual person to answer every call. These systems are commonly used by organizations like banks, telecom providers, and customer service helplines etc.
How does this scam occur?
- Initiation of an IVR Call: The targeted victim receives an automated voice call giving him/ her the impression that the call is from the bank/ telecom service provider/ law enforcement agency/ any other government agency, etc.
- Inducing Panic: The IVR system delivers an alarming message, such as "Your bank account will be blocked within two hours" or "An unauthorized transaction has taken place in your bank account", this creates a sense of urgency and panic in the victim's mind.
- Request for Sensitive Information: Under the guise of verifying and securing the victim's account or for saving the victim from any inconvenience, the IVR system prompts the victim to enter sensitive information, such as Card Details, CVV, PINs, OTPs, etc. In certain instances, it may also happen that the IVR call would get forwarded to a scammer impersonating a customer care executive of your bank/ institution, requesting sensitive information.
- Fraudulent Transactions: Once the victim provides the necessary information, the scammers use it to make unauthorized transactions in victim's account.
- Call Ends: The call is abruptly disconnected, leaving the victim confused and unaware of the financial loss. The victim notices the financial loss only after checking account balance or receiving transaction alerts.
Precautionary Measures:
- Protect your personal and financial information. Always remember, legitimate IVR calls will never ask you for OTPs, CVVs, or passwords. If a system requests these, it's a scam. Do not share your personal/ sensitive/ financial information with anyone.
- Stop, Think, Act! Scammers want to create panic in your mind, hence fake IVR calls would sound overly alarming, rushing you into sharing certain sensitive information. Remember, real IVR call provides neutral, straightforward instruction, it won't pressure you to act hurriedly.
- When in doubt, never share any information on the automated call and verify the caller's contact number.