Concerned over a rise in digital frauds in recent years, the Reserve Bank of India (RBI) has asked people to never share confidential banking information such as CVV, card details, password, and OTP, with anyone and also follow cyber hygiene practices. The Reserve Bank of India has stated in a publication titled ‘BE(A)WARE – A booklet on Modus Operandi of Financial Frauds’ that cybercriminals have used new methods to cheat the people of their hard-earned money, especially the new entrants who are not well familiar with the techno-financial ecosystem.
The booklet is issued in the public interest that provides information on commonly observed modus operandi, digital hygiene practices, and precautions to be strictly taken against fraudulent transactions.
RBI has concluded from an analysis of complaints of frauds that sharing of confidential information by the customers, knowingly or unknowingly is one of the main causes leading to financial fraud.
