RBI cautions public on newest form of fraud

The gullible member of the public is sent a credit card, which allows withdrawal of money up to a certain limit, albeit a small sum, from a bank account.

The Reserve Bank of India (RBI) on Friday issued one more alert to the public about the newest form of fraud perpetrated in its name — a credit card issued by fraudsters in the name of the RBI.

Explaining the modus operandi, the RBI stated that the gullible member of the public is sent a credit card, which allows withdrawal of money up to a certain limit, albeit a small sum, from a bank account.

“Having gained the confidence of the victim thus, the fraudster gets him to deposit a huge sum of money in the same bank account. Once the money is deposited, the card stops working and that would also be the last time the holder of the card (victim) would hear from the fraudster,” said the RBI.