Conmen out to exploit cashless chaos

By   |  Published: 1st Dec 2016  7:39 pm

Hyderabad: Conmen are trying to strike it rich in the city by exploiting the chaos triggered by demonetisation, according to the Cyber Crime police.

The Cyber Crime wing of the City Police has received seven complaints in two days on how fraudsters were trying, and in some cases, managing to trick unsuspecting citizens into divulging details of their credit or debit cards and bank accounts. In some cases, the victim’s utter lack of awareness on demonetisation helped fraudsters withdraw large amounts of money from their accounts.

“People believing in false promises are exposing themselves to grave situations. Malicious intruders are using the anxiety of the public, especially of those trying to get the new currency notes,” said Mohammed Riyazuddin, Inspector, Cyber Crime.

The common method the conmen used was to call on people, posing as bank staff and informing that the bank had ‘volunteered’ to deposit new currency notes into the person’s account via online transaction, for which the account holder would have to tell them the One Time Password (OTP).

Those who did not know there was no need for such a move fell for this and had their accounts looted in no time. Seven such victims have approached the police in two days, but the police is suspicious that many more, after realising their folly, could be keeping quiet or not knowing what to do.

Riyazuddin said that in all these cases, the fraudsters tried to put the account holder on line for the entire time limit during which the OTP had to be used, which was about 10 minutes. This was one ploy that people could have realised was shady. Moreover, banks would never make such calls or offers.