RBI cautions public against fake credit cards in its name

The Reserve Bank of India has issued one more alert to the public about the newest form of fraud committed in its name — a credit card issued by fraudsters in the name of the RBI.

Explaining this, RBI said 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, RBI said in a statement.

"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.

Warning against such efforts, the Reserve Bank has reiterated that as India's central bank, it does not carry out any business with an individual, whether through savings bank account, current bank account, credit card, debit card, online banking services or receiving and holding funds in foreign exchange or any other form of banking services.

The Reserve Bank has also stated that fictitious offers are also made in the name of other public institutions, such as, International Monetary Fund (IMF), Income Tax authorities, Customs authorities or public figures like Governor, Raghuram Rajan or other senior RBI officials.

The Reserve Bank has pointed out that once the moneys are paid in fraudsters' accounts, there are remote chances of the members of public recovering the moneys.

Read more about: rbi
Story first published: Monday, November 24, 2014, 12:40 [IST]
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