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Fraudsters might cheat you on the pretext of linking your bank account to e-wallet

IamCheated.com Research Team | February 04, 2020  6:07:pm

Fraudsters might cheat you on the pretext of linking your bank account to e-wallet

E-wallet which is also known as the digital wallet is an online device which allows you make online transactions.  With the help of e-wallets, you can do a lot of things like money transfer, payment of utility bills, online shopping, booking tickets and so on.

While digital wallets are very useful and used by a lot of people, it has also become one of the tools for fraudsters to carry out frauds. A lot of people have lost lakhs of rupees to e-wallet fraud.

Recently, a doctor from Mumbai lost Rs 17 Lakh to the e-wallet fraud.  He was duped by fraudsters on the pretext of linking his bank accounts to popular e-wallets.

See Also: E-Wallet Skimming: Most dangerous cyber fraud

Here is what exactly happened

Recently, a 69-year-old doctor from Mumbai received a call from a person who introduced himself as an executive from an e-wallet operator. The executive informed the doctor that he would help him link his account to the e-wallet, so that he could avail multiple benefits. Believing this to be true, the doctor shared his bank details when he was still on call.

As soon as the victim shared his bank details, he started receiving OTPs on his mobile number. The victim's mobile number was linked to his bank account, his daughter’s bank account and his son’s bank account, who resides in the US.

As he was getting a lot of OTP's he believed that something was wrong and changed the password of his net banking account. He stopped receiving OTPs after he changed his password. But, after some time, he again started receiving OTPs. So he contacted his bank and got the net banking account blocked.

A few days after this incident, when the doctor was checking the online status of a cheque deposited for clearing, he was shocked to know that fraudsters had transferred money from his son’s and daughter’s bank accounts. Fraudsters totally transferred Rs 16.90 Lakhs from two bank accounts to some other bank accounts. 

He immediately informed the bank on this fraud and filed a police complaint. Police have registered a case under sections 419 (cheating by impersonation), 420 (cheating) of Indian Penal Code and 66C (identity theft) and 66D (cheating by impersonation by using the computer resource) of Information Technology Act against the unknown suspect.

The police are verifying how exactly the crime was committed without the victim sharing the OTP.

How to avoid this kind of fraud?

1. Never share your personal banking details with anyone over the phone. No banks or digital wallet companies will call, asking for your details like card number, CVV, OTP, and other sensitive details. Kindly, disconnect the call if you are asked to provide this information.

See Also: Email hacked and money stolen from e-wallet

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