One would never think that a legitimate-sounding text message or call could land them in a scam. But it can, and it has. The National Payments Corporation of India (NPCI) has warned UPI users to be aware of a rising financial fraud: the call merging scam.
As fraudsters constantly find new ways to deceive individuals, citizens must stay vigilant against cyber criminals' crafty scam calls to protect them from their traps. Read to the end as we uncover the call merging scam and ways you can protect your financial peace of mind.
Scammers have devised a new hack to bypass sensitive banking information, particularly the victims' OTP (one-time password), using a call-merging trick. Here’s how the cyber criminals execute the process.
The scammer creates a strong background to solidify their identity by portraying them as a customer service agent, job recruiter, mutual friend, representative of a renowned company, and so on. They weave their narrative carefully and present themselves as genuine to earn the victim’s trust.
Once the victim is engrossed in the conversation, the scammer cunningly suggests a merge request to combine the call in the name of an official representative of the team or the said friend. The person on the second call carries a natural, friendly conversation, which makes it hard to guess the second way. From there, the scammer takes control of the fake number without the victim realising that it is an OTP scam.
Here’s where things go haywire. The second call, which claims to be legitimate, is not from an official representative but is connected to an automated OTP verification call from the victim’s bank.
The scammer then manipulates the victim into sharing sensitive information, such as OTP or banking details, for verification purposes. As trust deepens and the conversation becomes more convincing, the scammer easily gains access to victims' information and bank accounts.
The moment the OTP is shared, the scammer initiates fraudulent transactions, though misguided but willingly, leaving the victim puzzled. Additionally, recovering from financial loss becomes difficult since users voluntarily authorise and complete the transactions.
The following are the key takeaways to keep in mind to protect yourself from call merging scams.
If you receive a call from an unfamiliar person who offers you discounts or prizes that seem too good to be true, be cautious, as these are tactics for them to catch hold of their prey. Avoid having long conversations and disconnect the call when you find the matter is fishy.
Banks never ask for OTPs or key financial information over the phone and use tactics to rush you into making decisions. Be alert, as this is a major red flag indicating an OTP scam.
If someone pretends to be your friend or a bank representative, cross-check their background. Call the official helpline or customer care number, or contact your friend directly to confirm the caller’s identity.
Always be ahead of the scammers. Use apps or software that detect potential spam calls and flag scam numbers. These will help you from falling prey to scammers' fraudulent activities and keep you safe from any financial loss.
Monitor your transactions regularly and keep a record of your accounts. This will help you plan your budgets effectively, keep you aware of your financial well-being, and alert you in case of any discrepancies or financial mishaps.
In case you receive an unexpected OTP for a transaction you haven’t initiated yourself, immediately call 1930. It is the official National Cybercrime Helpline number, and your bank account is informed immediately. Never redirect to suspicious links and numbers, as these are traps to lure in unsuspecting victims.
Also Read: 10 Ways You Can Protect Yourself from Bank Fraud
Firstly, you should call 1930, the National Cybercrime Helpline number, to report the scam attempt. You can also manually monitor your bank account for unauthorised transactions and report to the bank in case of fraudulent activities.
Yes, there are scams similar to call merging scams. They are phishing scams, skimming scams, SIM swap fraud, and even QR code and UPI scams that exploit security vulnerabilities to carry out fraudulent transactions.
The internet is vast. Options like leaked databases, fraudulent techniques like phishing, and scrapping social media handles to fetch profile details are a few of the many ways a scammer can obtain your phone number.
The bottom line is that there is no answer to how to stop scam calls. However, as mentioned above, there are ways to spot scam calls and protect yourself from bank account scams. Remember, prevention is always better than cure. Staying vigilant and adopting handy security practices like blocking the number once you’ve received a call and reporting it are the first steps to protect yourself from call merging scams.
Although it may not be possible to eliminate scammers' decisive techniques completely, as alert citizens, we can always be one step ahead with our proactive attitude and willingness to self-educate. Stay safe, and spread the message.
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