Credit Card -Cdspul: Man Duped of £ 1.8 Lakh - Here's how to stay safe | Mint

A 48-year-old private employee in Hyderabad recently became the victim of a well-planned credit card fraud. He lost £ 1.8 lakhs to the scam after being deceived to reveal his credit card details on a WhatsApp video, according to a recent Hindu report. The swindler personified an SBI credit card representative and convinced the victim to show his credit card with CVV number under the attitude and guise of the verification of basic details. This particular financial scam incident underlines the increasing sophistication of cyber fraud in India. Furthermore, it is important to note that cases of bank fraud in India increased by 27% to 18,461 cases in the first half of the financial year 2024-25, compared to its previous level of 14,480 cases in the same period in the previous year, according to the Reserve Bank of India. So keep all these important developments in mind. Here are some important points that you should keep in mind to protect against financial crimes and ensure a healthy and sensible credit card use experience. Important safety measures to protect against credit card spending: Never share sensitive information: Focus on avoiding the disclosure of credit card details, especially CVV numbers and OTPs, on calls or messages. It is naturally confidential and is never requested by any legal bank officials. Verify the caller identity: Carefully check the authenticity of individuals who claim to be representatives of banks, RBI or Sebi by contacting official customer service numbers and responding in a meaningful way. Report Suspicious activities immediately: In the event of suspected fraud, your bank or financial institution must immediately notify and call a complaint with the cybercrime division at cybercrime.gov.in or at 1930. You can also submit a fir at your nearest police station and discuss your problems with the officials concerned to get a resolution. Keep up to build up knowledge and keep up to date: You need to update yourself regularly on general scam tactics, basic financing knowledge and remain vigilant against unsolicited communication. Prominent financial institutions for the government such as the Securities and Exchange Board of India (Sebi) are constantly working with the Ministry of Finance to implement a centralized Know Your Customer (KYC) system. The purpose of this collaboration is to improve the detection and prevention of financial fraud. Furthermore, RBI also distributes vigilance by introducing different channels and streamline banking by introducing secure domain names for banks and financial institutions to combat Phishing attacks. Focus has also been placed on the spread of awareness and financial literacy among credit card users to promote responsible card use to prevent avoidable banking and credit card fraud. This is done by advertising on digital platforms to help users keep up to date and updated the latest changes in banking regulations to help them keep their account information safe. As digital transactions are increasingly common, it is imperative that consumers exercise caution and take robust security practices to protect against credit card fraud and financial fraud. Disclaimer: Mint has a fusion with fintechs to provide credit; You must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and credit values. Mint does not promote or encourage credit because it comes with a set of risks such as high interest rates, hidden costs, etc. We advise investors to discuss with certified experts before taking credit.