Credit card phone scams: How fraudsters trick you into sharing details and how to stay safe

Credit card phone scams: How fraudsters trick you into sharing details and how to stay safe

India has witnessed a staggering surge in credit card phone scams. Impersonators calling themselves bank representatives, delivery staff, or even government representatives very effectively trick gullible clients into providing sensitive details. One careless mistake—a one-time password (OTP) or card verification value (CVV)—can drain your account within minutes. It is essential that everyone who does their business online is aware of how such tricks are executed and what precautions can be taken to remain safe.

How scammers work

Threat and sense of urgency are most commonly employed by fraudsters to trick individuals. They might tell you that your card is blocked, that you are eligible for an award or refund, or there has been a suspicious transaction that needs to be confirmed by you in urgent situations. They would request you to "confirm" your card number, CVV, PIN, or OTP sent to your phone number. After they get this information, they can then shop online without your authorization or drain funds from your account.

Scammers also use "phishing" tactics, where they send you links via SMS or WhatsApp that take you to impersonation bank sites. They appear authentic but pilfer the information you put in. The majority of victims are baffled because the scammers are convincing, possess partial information about your account, or use spoof numbers very close to actual bank helplines.

Why it's unsafe to share OTPs or CVVs

Your OTP is an added layer of protection for online transactions. As such, it should never be disclosed, not even to your bank. The CVV number found on the back of your card is also utilized to authenticate online transactions. Leaks of either provide crooks with the missing piece they need to complete the fake transactions. Even when your card number gets leaked, transactions in fraud are not possible without an OTP or CVV—making them the highly sought after targets.

How to guard yourself

Awareness is the best defence. Banks and card issuers keep reiterating that they will never ask delicate information like PINs, OTPs, or CVVs over the phone. If someone calls your bank saying he or she is from your bank, do not give personal information; rather, hang up immediately and call the official helpline of your bank.

Turn on SMS and email transaction alerts so you automatically receive a notification of any suspicious transactions. Lock or block your card using your bank's mobile banking app or online banking in case you notice something amiss. Refrain from clicking weird links in emails, and always input the official site address directly into your browser.

The bottom line

Scammers resort to deception and fear to steal the confidential information of cardholders. If you are calm, don't provide OTP or CVV, and verify all requests through the proper channel, you are secure from such fraud. Precaution is the best protection in the new payment environment through electronic media.

FAQs

Q1. Can my bank ask for an OTP through a phone?

No, banks never ask for OTPs, PINs, or CVVs via phone, SMS, or email. Any such call is a scam.

Q2. What if I inadvertently revealed my OTP or CVV?

Immediately block your card via your bank app or helpline and report the fraud. Also, register the complaint with your bank and the National Cyber Crime Reporting Portal (cybercrime.gov.in).

Q3. Is the scam call all in English?

No, fraudsters usually speak local dialects and languages to make them seem legitimate. Always be cautious regardless of the accent or language.