Imagine This: You receive a call from someone claiming to be from your bank. Their tone is professional, their knowledge about your recent transactions is accurate, and their concern for your security feels genuine. They warn you about a potential fraud on your account and ask you to verify details to secure your money. Panicked, you follow their instructions. A few minutes later, you check your account—your hard-earned money is gone.
Sounds scary, right? Unfortunately, this isn’t just a story—it’s happening to thousands of people every day.
The Scam That Banks Won’t Save You From
When it comes to banking fraud, most people assume the bank will step in and refund the money. But here’s the harsh truth—if you willingly share your OTP, bank details, or authorize a transaction, the bank isn’t liable to compensate you. That’s why scammers use psychological tricks to make you act without thinking.
How This Scam Works
1. The ‘Bank Official’ Call
The scammer pretends to be a bank employee and claims there’s a suspicious transaction on your account. They’ll ask you to share an OTP or confirm details to ‘block’ the fraudulent transaction. In reality, they’re using your OTP to transfer money to themselves.
2. The KYC Update Trap
You get a message or call saying your bank account will be ‘blocked’ if you don’t update your KYC details immediately. Scammers will send a fake link that looks exactly like your bank’s website, tricking you into entering your credentials.
3. The ‘Refund’ Scam
You receive a call from someone claiming you’re eligible for a refund or cashback. They’ll ask you to download a remote access app or share banking details to ‘process’ the refund. The moment you comply, they take control of your account.
Why Banks Won’t Help
Banks follow strict guidelines when it comes to fraud reimbursement. According to RBI regulations, if a fraud happens due to your negligence—like sharing an OTP or banking details—the bank isn’t responsible for the loss. This is why scammers always make sure you authorize the transaction, so the bank won’t be held accountable.
How to Stay Safe from This Scam
- Never share OTPs, PINs, or CVVs, no matter what the caller says.
- Banks never call asking for sensitive details. If someone does, assume it’s a scam.
- Verify numbers before calling back. Always use official contact details from the bank’s website.
- Avoid clicking links in SMS or emails. If you need to update KYC, visit your bank’s branch or official website directly.
- Enable transaction alerts. This helps you act quickly if an unauthorized transaction occurs.
Final Thought: Think Before You Act
Scammers rely on fear and urgency. The next time you get a suspicious call, take a deep breath, hang up, and contact your bank directly. Remember, no matter how convincing the caller sounds, a real bank will never ask for your confidential details over the phone.
Stay alert, stay safe, and don’t let scammers trick you into handing over your hard-earned money.
