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Fraudsters are increasingly using impersonation tactics, posing as bank officials, to trick credit card holders into revealing their sensitive information.
Never share PIN and OTP with someone.
(Representative Image)
In today’s digital world, a credit card is crucial for securing online transactions, shopping and healthcare access. Credit cards have also become a target for fraudsters who exploit this through various tactics. The cases of credit card scams are on the rise and individuals often fall victim to these attacks when they unknowingly share sensitive information with imposters posing as legitimate entities.
In one of the most alarming threats, fraudsters are increasingly using impersonation tactics, posing as bank officials, to trick credit card holders into revealing their sensitive information like OTPs and card details under the guise of activating new cards. It seems like a regular call when the caller gains your trust by confirming basic information before attempting to steal money.
In Mumbai, fraudsters imitating bank officials scammed at least 19 people, causing losses of over Rs 8 lakh in May 2025 alone.
According to CA Abhishek Walia, “Fraudsters pretended to be bank telemarketing agents, saying they needed card info to “activate” the new cards. Once card and CVV details were shared, they executed multiple unauthorized transactions.”
If someone calls claiming to help you activate your credit card and then asks for your OTP (One-Time Password), it is a scam. Bank representatives will never ask for your OTP over the phone for credit card activation or any other purpose. Always verify such requests by contacting your bank directly.
Here’s how you can protect yourselves from such credit card scams.
Review your account regularly: It is advisable to regularly review your card transactions as a proactive measure to detect and prevent unauthorised charges. This practice allows for the timely identification of any suspicious transactions, enabling you to promptly report them and potentially prevent further financial loss.
Enable real time alerts: Setting up email and SMS alerts for each credit card transaction is a good security practice. These notifications give immediate notification of any unauthorised expenditure, allowing cardholders to detect and resolve any fraud. By promptly reviewing transaction details and reporting suspicious activity, cardholders can reduce potential losses and prevent additional illegal card use.
Don’t share your card information: It is crucial to never share your One-Time Password (OTP), Card Verification Value (CVV), or Personal Identification Number (PIN) with anyone, even if they claim to be from your bank. Banks will never ask for this sensitive information.
Set transaction limits: Reducing your credit card limit to zero when not actively using the card can significantly minimise potential financial loss if the card is compromised, as it prevents unauthorised transactions. Most banks now allow for quick and easy adjustments to credit card limits, including setting them to zero.
Act quickly: According to RBI guidelines, if you report an unauthorizsed banking transaction to your bank within three working days of receiving the communication about the transaction, you may have zero liability for the loss. To protect against unauthorised use of your credit card, you should immediately file a written complaint, freeze the card, and keep a copy of the complaint for your records.
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Delhi, India, India
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