Digital banking frauds on the rise, practice safe baking: RBI

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People should follow safe digital banking and also take all types of caution while carrying out transactions, the Reserve Bank of India (RBI) cautioned on Friday amid the rising incidence of cyber frauds related to banks.

“The RBI has urged the members of public to practice safe digital banking by taking all due precautions. It said any digital (online/ mobile) banking/ payment transactions should be carried out safely.”

It observed that the bad elements are carrying out frauding by using innovative modus operandi, including social media techniques and mobile phone calls.

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The central bank highlighted some of the typical modus operandi being used by fraudsters like Vishing, Phishing, and Remote Access.

Scamsters attempt to get confidential details like user id, login/ transaction password, OTP (One Time Password) as well as debit/ credit card details and other personal information and people should be wary of it.