India warns against fraudsters’ posing as central bank employees

They would use fake letterheads or threaten to close bank accounts.

The Reserve Bank of India (RBI) warned against fraudsters using the central bank’s name.

The fraudsters’ modus operandi includes using fake letterheads and fake email addresses of RBI, and impersonating employees of RBI.

Some fraudsters would pose as government or RBI officials and approach small and medium businesses to make them pay a “security deposit” under the garb of a government contract or scheme, with the promise of attractive payments.

They also lure out possible victims with claims of fake lottery winnings, fund transfers, foreign remittance, and government schemes, amongst others.

RBI said that it does not send emails intimating award of lottery funds, or any SMS, letter, or email to communicate offers of lottery winnings or funds from abroad.

“Beware of calls, emails, and any other communication by cybercriminals posing as officials from Government agencies/ RBI, asking for transfer of money under the pretext of any enticing offer or alarming issue,” the RBI said in a statement posted on its website.

Intimidation
Some fraudsters have adopted intimidating tactics, posing as RBI officials. They would then call or message victims and threaten to block or deactivate the victims’ bank accounts to coerce them to share personal details, account details, and card one-time passwords (OTP).

Some would coerce the victim to install unauthorized and unverified applications using a link provided in the communication.

“Instances of fraudsters impersonating officials from Government agencies/ RBI and threatening victims for having sent or received illegal goods and items, and being involved in suspicious banking transactions, money laundering, counterfeiting, have also come to our notice,” the RBI said.

Other fraudsters have also faked accreditation or registration with the RBI to engage in unauthorized digital lending apps and other supposed financial services providers.

“Members of the public are advised not to fall for fake accreditations of RBI by any other websites or apps,” the RBI said.