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EMI moratorium fraud: Bank Muscat asks customers to not share OTP, CVV with imposters

Fraudsters may contact the general public and pose as bank officials who can help postpone their EMIs or loan payments, warns Bank Muscat.

TAS News Service
April 13, 2020 3:03 pm

Muscat:  Bank Muscat, the flagship financial services provider in the Sultanate, has requested all its customers to use digital banking channels for their banking and transactional needs during the current challenge posed by COVID-19. The bank’s digital servicing channels are available 24/7 so that customers can transact from the safety of their homes.

However, it must be kept in mind that times of global emergencies are often exploited by fraudsters to defraud the general public. The bank has requested all its customers to stay alert and follow safe banking practices including not divulging their banking details to others. 

The bank has especially warned the public against falling prey to a new type of fraud – the EMI Moratorium Fraud. Fraudsters may contact the general public and pose as bank officials who can help postpone their EMIs or loan payments. To commit this fraud, a fraudster will request the victim to share OTPs, CVV numbers, passwords and PINs of bank accounts and credit/debit cards. If these details are shared, the fraudster may be able to access a victim’s banking details and commit fraud. The bank has reminded all its customers that it never asks for any of these details. It has requested everyone not to fall prey to such scam calls, messages or emails and to never share details like their debit/credit card number, the expiry date, the CVV number or OTPs with anybody who gets in touch with them for these. 

Cases of electronic financial fraud have been increasing globally over the last few years and can often cause tremendous financial and psychological damage to both businesses as well as individuals. In 2019, a special anti-fraud awareness campaign was launched by the Royal Oman Police and Bank Muscat. A number of awareness activities and lectures on fraud have already been held in the Sultanate as part of the campaign and more are being planned for the future. Giving top priority to its role as the Sultanate’s flagship financial institution and its key role in supporting the National Economy, Bank Muscat has been part of a number of anti-fraud awareness campaigns over the past few years whereby the bank has sought to sensitise and educate the general public with information that will enable them to easily recognise and avoid fraud. The bank has requested the general public to help in the fight against fraud by remaining alert and vigilant at all times.

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