Loan Moratorium- Banks Ask Customers to be Cautious against Fraud

Several Banks have cautioned their customers against possible attempts by fraudsters as they
became active to exploit the three-month loan repayment moratorium offer in the wake of the
corona virus outbreak.

The cyber criminals pretending as officials of banks have been reaching out to borrowers,
offering them assistance to avail the loan repayment moratorium scheme for phishing out
account details. As per one report it has been told that “They have become active at a time
when people are seeking immediate relief from the financial obligations.”

After getting some complaints, many banks have started sending message to their customers,
requesting them to be cautious against possible frauds.

Country’s largest lender SBI (i.e. State Bank of India) said, “ Please note that EMI deferment
does not require OTP sharing. Don’t share your OTP.”

Fraudsters are reaching out to bank’s customers through social media, e-mail, phone calls or
SMS.