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Beware of Online Frauds Safe Banking

Have you ever received too-good-to-be-true emails promising you large sums of money through a scheme or institution? If yes, you’ve been on the receiving end of online fraud attempts. As an active internet user, you must beware of online frauds; people around the world have been scammed out of their money through such means. Follow these steps for online fraud prevention:

Protect yourself from phishing attacks

  • Phishing is a technique employed by scamsters to illegally procure personal information like account numbers, internet banking user IDs and passwords, etc.
  • The most frequently-used method is to send a spam email to a large database of email IDs, say, all gmail IDs or all yahoo IDs. The spam email is designed in such a way as to look exactly like an email sent by the targeted company/bank.
  • The email simply asks the recipient to click on a link and enter their user ID and password. Different techniques are used to lure the recipient to click on the link: validation of account information, threat of account suspension, etc.
  • If you look carefully, the link will not lead you to our websites http://www.axisbank.com or https://www.axisbank.co.in
  • Never click on any such link or enter your login ID and password without verifying the authenticity of the web page.
  • Axis Bank does not ask for personal security details like your Internet banking details or phone banking passwords on the email, phone, or otherwise. Never disclose your passwords to anyone, even to the bank's staff. In case you get an email or a phone call asking your personal security details or a bank staff approaches you to disclose your password, please report to us. You can send an email to customer.service@axisbank.com.

Don’t fall prey to vishing

  • Vishing is a combination of the words ‘voice’ and ‘phishing’. Vishing is very similar to phishing - the only difference is the technology.
  • Phishing involves the use of emails to trick you into providing your personal details whereas vishing involves voice or telephone services. If you use a Voice over Internet Protocol (VoIP) phone service, you are particularly vulnerable to a vishing scam.
  • A typical vishing call involves a scammer, posing as an employee from your bank or another organisation asking for your personal details. Scammers are very creative and they could tell you many different reasons why they need this information from you. Do not assume you won't be a target of a vishing scam.
  • Regardless of the story you are told, the scammer will be aiming to convince you to divulge confidential personal and banking information, such as your PIN or password. Even if you use your telephone keypad or keyboard to type in your details, if you are on the line with a scammer, the scammer can record them.

Never trust unsolicited fund transfers

  • You may receive letters/emails from foreign entities/individuals claiming to offer huge amounts of money in foreign currency, on the pretext of helping you in your business/ venture.
  • These may request for your bank account details and ask you to remit an initial deposit/commission so that they can transfer the money offered.
  • They may also claim that huge sums of money for disbursal of loans at cheap rates are kept in an account with the Reserve Bank of India (RBI), and may show copies of certificate/deposit receipts purported to have been issued by the Reserve Bank.
  • RBI does not maintain any account in the name of individuals/companies/trusts in India to hold funds for disbursal and it cautions you against such offers.
  • Also, RBI have received approvals/clarification requests from individuals/entities for effecting remittances in foreign currency towards commission/fees for receiving prizes won in overseas lottery scheme’s etc.
  • Do not participate in lottery-like schemes functioning under different names, such as money circulation scheme, or remittances for the purpose of securing prize money/awards, etc. These are prohibited under the Foreign Exchange Management Act, 1999.

Read the RBI Press Release about fictitious cheap fund remittance offers

RBI Press Release: 2007-2008/770, Dated- December 7, 2007

The Reserve Bank of India has advised members of public not to fall prey to fictitious offers for release of cheap funds claimed to have been remitted by overseas entities to banks in India/Reserve Bank of India. Members of the public should also not make any remittance towards participation in such schemes/offers from unknown entities.

Describing the typical modality of such offers, the Reserve Bank of India stated that certain foreign entities/individuals, including Indian residents acting as representatives of such entities/individuals, make offers through letters/emails, etc., of huge money in foreign currency to resident individuals/entities (including schools/hospitals), on the pretext of helping them in their business/ventures in India. Once the contact is established, the offer is followed by a request seeking details of bank account of the Individuals/Indian entity and asking some amount to be remitted to them as initial deposit/commission so that the offer money could be transferred. Likewise, references have been also received in the Reserve Bank in the recent past from individuals/authorised dealers seeking approvals/clarifications for effecting remittances in foreign currency towards commission/fees for receiving prizes won in overseas lottery schemes, etc. It has also come to the notice of the Reserve Bank that certain overseas organisations have been advising individuals/companies/trusts in India that huge sums of money for disbursal of loans in India at cheap rates has been kept in an account with the Reserve Bank and the funds would be released after approval from the Reserve Bank. To substantiate their claims, even copies of certificate/deposit receipts purported to have been issued by the Reserve Bank are produced by such operators. The Reserve Bank of India has today clarified that remittance in any form towards participation in lottery schemes is prohibited under Foreign Exchange Management Act, 1999. Further, these restrictions are also applicable to remittances for participation in lottery-like schemes functioning under different names, such as money circulation scheme, or remittances for the purpose of securing prize money/awards, etc. The Reserve Bank of India has further clarified that it does not maintain any account in the name of individuals/companies/trusts in India to hold funds for disbursal.

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