As fraudsters try to cash in on demonetisation, here is how to protect your money and bank account

Since November 10 morning, banks have reopened to the public, allowing them to turn in the old currency notes for smaller denominations or to deposit into their accounts.

Written by Sabyasachi Biswas | New Delhi | Updated: November 11, 2016 2:22 pm
demonitisation, 500 ban, 1000 ban, currency notes, bank cheats, bank fraudsters, currency notes ban, india news, indian express, indian express news Customer in queue to deposit cash. Express Photo by Ganesh Shirsekar

Amidst all the chaos that’s been prevailing around the demonetisation of Rs 500 and Rs 1,000 currency notes, cheats have found a way to cash in on the situation. Since November 10 morning, banks have reopened to the public, allowing them to turn in the old currency notes for smaller denominations or to deposit into their accounts. With almost every bank tackling long queues, some charlatans have decided to use the opportunity to extort bank details from hapless customers.

Worried About Replacing Rs 500 & Rs 1000 Notes? Don’t Fall For This Fraud Call 

At least a couple of our colleagues have received fraudulent phone calls, where the cheats tried to get debit card and credit card numbers, netbanking credentials and even asked for the PINs and OTPs. After calling back on one of these cheats’ numbers, here’s some of the advice that we can offer you, to protect yourself from such swindlers.

1) This is the first and foremost thing that you need to know – no bank is ever going to call you to ask you for your debit/credit card details to expedite the process of turning in the OHD currency notes.

2) The cheats are probably going to tell you that they are from the bank, and they need to run a verification so that you are eligible for a deposit/withdrawal whenever you go to the bank. This is false, as you are eligible for a deposit or a withdrawal through your bank at any time.


3) You might also get a call saying that your money will be “changed” or “activated” in your bank for a hassle-free withdrawal for tomorrow or a later date, and you’ll be asked for your banking details, such as your account number, card number or net-banking credentials. Under no circumstances should you divulge these details, because when you withdraw money from your account, the bank will give you the new currency notes anyway.

4) As ATMs will start opening from November 11, one of the cheats’ tricks is to tell you that you need to furnish your debit card details so that your debit card is “eligible” to withdraw the new notes. Again, this is a trick, please don’t fall for it. You can continue using your existing debit card to withdraw cash from the ATMs and rest assured, you are “eligible” for the newer currency – the only constraint is the withdrawal limit. (Check here)

5) If, somehow, a cheat has managed to get hold of your card details, you might be asked for your CVV, PIN or OTP to “verify” your card. In all likelihood, they are asking for these details to initiate fraudulent transactions and siphon money off your account – Do NOT give out any details.

6) In most cases, these fraudsters will not be able to tell you which bank they are calling from, unless somehow they have prior information about your banking details. While we recommend that you don’t entertain such calls, the easiest way to figure out if they’re fraudsters is by asking them which bank they are calling from.

We decided to call back on one of these cheats’ numbers after a colleague received a fraudulent call, and you can check out our conversations – the fraudster wanted our card details, CVV number, expiry date etc (for which, needless to say, we furnished fictitious details). At this point, it is important to remember that the only way to change your existing notes is through banks or post offices in person, and under no circumstances should you give out your banking details to anyone who claims to be from a bank.

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  1. A
    ashok s
    Nov 10, 2016 at 11:56 pm
    I can say that in Mira road, old bike traders, dance bars run by Muslims are having good days I wonder how will change the money later
    1. A
      Ashutosh Aggarwal
      Nov 11, 2016 at 4:45 am
      Thanks Shree. I was thinking of asking the police officer about the action taken under RTI. Shall talk to an advocate for filing a peion in HC
      1. A
        Ashutosh Aggarwal
        Nov 10, 2016 at 5:07 pm
        Such people are able to do fraud because police are not acting against them. A person transferred 25k from my account to another account in May 2015, I complained to Bank, local police and cyber police, gave number of phone used for fraud and name, bank details etc of the beneficiary, but nothing done anything do far. The person to whom account the amount was transferred is traceable, but police is not able to get my money back, so how such frauds can be stopped
        1. A
          Nov 10, 2016 at 10:17 pm
          Fraudsters see an opportunity everywhere what an Imagination ???
          1. K
            Nov 10, 2016 at 11:41 pm
            Most of the fraudsters are also politicians of today and previous years, the rich and the cunning know how to work the system to their advantage, those who are unlucky are going to get a free easy ride to being scammed. Learn to stand in line, learn to be patient, learn to stop corruption, learn to accept the rules of the day.
            1. T
              Nov 11, 2016 at 12:22 am
              One peace of wisdom to one and all.Keep stock of at least 3-4 weeks cash money at your home. RELY more on cash and less on " E- " for daily needs!
              1. P
                Nov 10, 2016 at 9:02 pm
                Who'r these fraudsters ? BJP backed Gau Rakhses / Shiv senaties/ MNS/lt;br/gt;VHP/ Ram sena/ Bajrangbalis notorious THUGS, PICK POCKETS , CHEATSlt;br/gt;LIARSlt;br/gt;lt;br/gt;The others 100% sure Nationalized / lower level Bank STAFF/lt;br/gt;Low cl origin Uniformed Cops.....
                1. R
                  Nov 10, 2016 at 9:39 pm
                  This brilliant moves by Modi, loads of people will have to put money banks, declare their ill gotten gains those fakes will also be worthless, but us NRI,s who keep money for when we come home will suffer, so its a case of us all getting on a plane and cashing on or use the poor offers of rogues who seem to be able to sort things outdia, please extend for us NRI,s who hold money legitimately.
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