Online Debit card/Credit card related fraud

One of the methodologies constantly on rise, in these frauds a potential victim is approached by phone or SMS and is cautioned/ threatened by a person impersonating a bank official about closure of bank account or increased bank fees if they don’t ‘verify’ their account with relevant details. Sometimes the victims are also lured with promise of good discount or benefit of special offers to get the information such as card number, card verification value (CVV), expiry date and one-time password sent by the bank for verification.

Once the accused get relevant details, they are used to transfer money into another account or for shopping online.

In many cases, the victims don’t get any phone call and still their debit or credit card is misused online. In such a scenario, it is possible that the accused might have gathered the details through online database or use of skimmer machines. These machines look like swipe machines but can read and copy magnetic tape used in a card. With this detail, the accused can also make a clone card.