EMI Fraud: ICICI Bank, SBI, HDFC Bank and Others are warning customers about a new online banking scam!

The Reserve Bank of India (RBI) has announced a three-month moratorium on all type of payments, loans, and credit card bills between March 31 and May 31 for customers to come in grips with the economic impact of COVID-19.

With any new scheme that is being launched, it is quite natural for customers to talk about it with bank representatives. Now, this is where fraudsters see an opportunity to dupe gullible customers of their savings.

Major banks in India including HDFC Bank, ICICI Bank, SBI and others are warning citizens about this new scam.

Here's how the scam happens:

* The fraudster will call you posing as your bank's representative.

* To make the call appear real, the fraudster will verify your personal details

* The fraudster will explain the EMI moratorium on EMIs, credit cards. He/she will also explain the terms and conditions and will sound supportive throughout the call.

*  Pretending to help you get the EMI moratorium, the fraud caller will send you an online form asking for your card details.

* The fraudster then initiates an online transaction with your card details and asks for the OTP.

* The moment you share the OTP to confirm the so-called EMI moratorium, your account gets debited

* During the lockdown, it may get difficult to cancel the transaction from home or visit the police station.

Safety tip: Never send your personal details to anyone over phone, email or any online form