Opting for EMI moratorium? Beware of fraudsters - HDFC Bank wants you to follow these safe banking practices

About two weeks ago, the Reserve Bank of India (RBI) had asked banks to postpone for three months equated monthly installments (EMI) that loan takers had to pay to provide them relief in view of the 21-day lockdown due to coronavirus lockdown in the country. The move was welcomed by borrowers but has led to a new problem. The fraudsters are using this as an opportunity to fool people and loot their money. 

The online scams related to EMI payments have increased with fraudsters finding new ways to deceive people. In the wake of spurt in such incidents, HDFC Bank has issued guidelines for customers advising them to follow safe banking practices. 

Fraudsters Modus Operandi

- Fraudsters call as bank representatives. 

- They offer moratorium on bank EMIs. 

- They send a link and ask customers to fill details. These include card number, expiry date and CVV.

- They will initiate a fraudulent transaction and ask for OTP.

- Once the OTP is shared, the transaction is completed.

- The customers only notice this when they check their bank statement.

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How to keep your money safe

- It is important to know that the bank will never ask for your OTP.

- If you get any call asking for it, do not share.

- In case there is any confusion, always follow the details given on bank’s official website.

Earlier this month, HDFC Bank had offered to defer EMIs in the wake of the coronavirus pandemic. The bank in an email to its customers said the prevailing situation may pose a huge challenge for people at large. 

"In line with the RBI guidelines and to show our solidarity, HDFC Bank is offering its customers EMI moratorium as a relief measure. You can defer your EMIs/loan installments and credit card dues up to 3 months," the bank had said.

The bank said its debit card holder customers can now withdraw cash from any ATM without charges till June 30. HDFC Bank has also deployed a mobile ATM van that will provide cash virtually at the doorstep of bank account holders across India.