What is financial Scam?

Financial scams are deceptive schemes designed to trick people into giving away money or assets through false promises or illegal tactics. These scams can result in significant financial loss and emotional distress, and they often involve a variety of fraudulent activities like investment fraud, identity theft, and phishing.

What is a 'Fake Credit Card Offer' Scam?

Fraudsters are circulating fake credit card advertisements on social media platforms and online forums, falsely claiming to be representing Bank. 

These scams are designed to target existing account holders, current staff members, retired or ex-staff members, by offering exclusive credit card benefits.

How does this scam occur?

1. Offer through advertisement: Victims come across social media advertisements, falsely claiming that the Bank is offering special credit cards for existing customers, staff, or retired employees. These posts use the Bank’s logo, name, and imagery to appear genuine and trustworthy.
2. Attractive and unrealistic benefits: The offer typically highlights unbelievable privileges to entice users, such as Lifetime free card with no annual fees, High credit limit up to ₹10 lakh, Instant cashback of 10% - 20% on all transactions, 10X Reward Points, Unlimited Airport Lounge Access, and Priority Banking benefits etc.
3. Redirection to Fake Platforms / APK Download: When the victim clicks on the advertisement, they are either redirected to a fake webpage that closely resembles the Bank’s Official Site, or prompted to download an APK file claiming to facilitate application processing or verification. These malicious platforms are designed to deceive users into believing they are dealing with the Bank.
4. Data Theft and Compromise: The fraudulent webpage or APK requests the victim to enter confidential information such as Account number, PAN number, Mobile number, Card details, CVV, OTP etc. Once entered, the information is captured by the fraudsters, and in many cases, the APK grants them remote access to the victim’s device, enabling theft of banking credentials and other sensitive data.
5. Execution of Fraudulent Transactions: With the obtained credentials and device control, fraudsters initiate unauthorized fund transfers, intercept OTPs, and manipulate mobile banking sessions, resulting in financial losses to the victim.

!! ADVISORY !!

Bank Account holders, Customers, Staff/Ex-staff are strongly advised not to click on such suspicious links or download APK files from social media posts, online advertisements, messages, or emails etc. claiming to offer credit card facilities with unrealistic benefits.

Precautionary Measures:

1. Avoid downloading APK files from untrusted sources: Only download apps from official app stores such as the Google Play Store or the Apple App Store. Do not install APK files shared through instant messaging applications, SMS, or emails.
2. Avoid clicking on unknown links: Do not click on promotional links or advertisements promising unrealistic credit card offers or benefits.
3. Disable installation from unknown sources: Keep the ‘Install from Unknown Sources’ setting disabled on your Android device to prevent unauthorized APK installations.
4. Verify legitimacy of the message: Verify offers and ensure they are from Bank’s official channels/ sources of communication, alternatively visit your nearest branch for latest information.
5. Never Share Sensitive Information: Never share sensitive banking details such as OTPs, passwords, card number, CVV, or personal information such as PAN number, Aadhar number etc., in response to unsolicited offers or messages.
6. Update your device regularly: If you have downloaded any such app or shared details, uninstall it immediately, run deep device security scan, debug the device through security experts. Ensure that your device’s operating system and apps are up to date with the latest security patches to minimize vulnerabilities. Keep an eye on your financial accounts, emails, and device behavior.