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Date: 21/11/2014
Credit Card in the name of RBI : RBI cautions Once More about the Newest Kind of Fraud perpetrated in its Name

The Reserve Bank of India today issued one more alert to the public about the newest form of fraud perpetrated in its name - a credit card issued by fraudsters in the name of the Reserve Bank. Explaining the modus operandi, the Reserve Bank stated that the gullible member of the public is sent a credit card which allows withdrawal of money up to a certain limit, albeit a small sum, from a bank account. Having gained the confidence of the victim thus, the fraudster gets him to deposit a huge sum of money in the same bank account. Once the money is deposited, the card stops working and that would also be the last time the holder of the card (victim) would hear from the fraudster.

Warning against such efforts, the Reserve Bank has reiterated that as India’s central bank, it does not carry out any business with an individual, whether through savings bank account, current bank account, credit card, debit card, online banking services or receiving and holding funds in foreign exchange or any other form of banking services.  The Reserve Bank has listed out the other kind of prevalent frauds, such as:

  1. Fictitious offers of large sum of money/lottery winnings by email or through phone calls by posing as RBI official.

  2. Fake Reserve Bank website for online transactions

  3. Luring members of public to secure their bank accounts against such frauds by asking them to share the bank account details, including user id/password, through an email or by clicking on a link given in email.

  4. Offer of employment in the Reserve Bank through email

The Reserve Bank has also stated that fictitious offers are also made in the name of other public institutions, such as, International Monetary Fund (IMF), Income Tax authorities, Customs authorities or public figures like Governor, Dr. Raghuram Rajan or other senior RBI officials. 

The Reserve Bank has pointed out that once the moneys are paid in fraudsters’ accounts, there are remote chances of the members of public recovering the moneys.

The Reserve Bank has once again cautioned members of public that falling prey to such offers can result in compromising one’s own crucial personal information that may be misused to cause direct financial and other loss to them. They, in their own interest, should refrain from responding to such offers in any manner. Rather, they should immediately lodge a complaint with Cyber Crime branch of the Police, the contact details of which are available in the Reserve Bank’s press release issued earlier (Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad).

Alpana Killawala
Principal Chief General Manager

Press Release: 2014-2015/1046

 Related Press Releases/Notifications
May 26, 2014  RBI warns about Fake Website in its Name

Oct 15, 2012

RBI cautions Public Not to respond to Phishing Mail sent in its Name

Sep 14 2012

Do not respond to Mails asking for your Internet Banking Account Details : RBI Cautions Public

May 21, 2012

RBI warning on phishing mail

Feb 06, 2012

RBI cautions Public Once Again against Fictitious Offers

Jan 10, 2012 Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad

Apr 05, 2011

RBI Never asks for Your Bank Account Details

Feb 15, 2011

Do Not Pay Money to receive Large Funds from Abroad : RBI Advisory

May 28, 2010

Do Not fall Prey to Fictitious Offers of Funds Transfer: RBI Advisory

May 26, 2010

Remittance towards participation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc.

Jul 30, 2009

Beware of Fictitious Offers/Lottery Winnings/Cheap Fund Offers: RBI

Aug 12, 2008

RBI cautions Public against Fictitious offers of Remitting cheap funds from abroad

Dec 07, 2007 RBI cautions Public against Fictitious Offers of Remitting Cheap Funds from Abroad
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