Banks intensify efforts to alert customers of internet frauds

Banks have intensified their efforts to alert their customers of internet frauds that have swirled in numbers and varieties amid rise in digital payments.

Bankers have stepped up their vigil on scamsters who are using sophisticated tools such as SIM swaps, juice jacking, frauds using search engines and QR code scams to dupe customers.

In SIM swaps, fraudsters call customers by posing as officials from a telecom operator requesing details for a free upgrade of the SIM card.

Existing SIM cards are deactivated and replaced by a clone SIM through which accounts can be accessed and OTPs generated to authenticate transactions.