Credit Card Scam Alert: Hyderabad Man Loses ₹1.8 Lakh – How You Can Stay Safe

A 48-year-old individual from Hyderabad recently became a victim of a well-planned credit card scam. According to a report by The Hindu, he lost ₹1.8 lakh after being tricked into revealing his credit card details during a WhatsApp video call.

The scammer pretended to be an SBI Credit Card executive and convinced the victim to show his credit card on camera, including the CVV number, claiming it was for basic verification purposes. Unfortunately, the victim believed the scam and shared the details.

This incident shows how cybercriminals are using more advanced and convincing methods to commit financial fraud in India. In fact, such scams are becoming more frequent. The Reserve Bank of India (RBI) has reported that banking frauds rose by 27% in the first half of the financial year 2024–25. There were 18,461 fraud cases during this time, compared to 14,480 cases in the same period last year.

Considering the growing threat, it's important for everyone to be alert and follow smart safety practices when using credit cards and other financial services.

Key Safety Measures to Protect Against Credit Card Scams

1. Never Share Sensitive Information

Never disclose your credit card details, especially the CVV number and OTP, through calls, video calls, or messages. These details are private, and no legitimate bank or financial representative will ever ask for them.

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2. Verify the Identity of the Caller

Always check and confirm the identity of anyone claiming to be a representative from your bank, RBI, or SEBI. Use official customer service numbers found on bank websites to verify their identity. Do not trust calls or messages from unknown numbers without confirmation.

3. Report Suspicious Activities Immediately

If you ever suspect that you are being scammed or your details have been misused, inform your bank right away. You can also report the fraud to the Cybercrime Department by visiting cybercrime.gov.in or calling the helpline at 1930. In serious cases, you should also file an FIR at your nearest police station to get legal help.

4. Keep Learning and Stay Aware

Stay updated on the latest types of scams and how they work. Gaining basic financial knowledge and being aware of your rights will help you identify fraud early and respond smartly. Avoid clicking on unknown links or replying to suspicious messages.

Government Efforts to Strengthen Financial Safety

Several government institutions are working together to reduce and prevent financial frauds. For example, The Securities and Exchange Board of India (SEBI) is working with the Finance Ministry to implement a centralised Know Your Customer (KYC) system. This system will help in tracking and reducing fraud more effectively.

The RBI is also spreading awareness about secure banking. It is promoting the use of safe and verified domain names for banks and financial institutions to reduce the risk of phishing and fake websites. These steps aim to make banking services safer for everyone.

Spreading Awareness Through Digital Campaigns

Efforts are also being made to educate people about safe credit card usage. Government bodies and banks are running awareness campaigns through digital platforms, advertisements, and social media. These campaigns are designed to inform users about the latest banking updates and how to protect their personal and financial information.

The goal is to make people more aware of their financial actions and prevent scams before they happen. These educational programs focus on building financial literacy and encouraging responsible credit card usage.

Conclusion: Stay Alert and Protect Yourself

As digital payments and online banking become more common, it’s important for all of us to stay alert. Adopting strong security habits and staying well-informed about common or latest scams can help protect your money and personal information.

Avoid sharing card details, always verify who you're speaking to, and report fraud right away. With the combined efforts of individuals and government bodies, we can build a safer and more secure financial environment.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.             

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.