RBI Cautions People against Fake E-mail & Scams

The Reserve Bank of India (RBI) has found many instances where people in Jharkhand and Northeast lost huge amount of money because of fabricated (fictitious)) offers of huge prize money through phishing mail.

Phishing is an internet scam wherein the scammer sends fake mails to people using the names of banks and even RBI, promising them huge amount of money.

The RBI has got complaints about bogus communications through e-mail related to fictitious offers, lottery results and foreign currency remittances and employment to scholarship offers being sent by some naughty elements.

These fake offers are made through a blend of e-mails. Further, people involved in fraud issues such as false certificates, letters and circulars deceive users. Usually communications are sent in the letterform of with a fabricated letterhead that looks like the RBI. The hackers are using SMS for befooling the users.

Surekha Marandi, Regional Director of RBI, stated that such problems increased in the north east as people there lived in secluded areas and could be easily tricked, as per the news by Rupee Times on July 19, 2010.

She added that these were from Assam, Mizoram and Nagaland. In one of the cases, a person was tricked of Rs 2.2 Lakh and in another RS. 1.4 Lakh.

H N Panda, General Manager of RBI, stated that such cases had started occurring, as per the reports by Rupee Times on July 19, 2010.

Therefore, the RBI has issued a statement that claimed of stringent action against those persons who open bank accounts for getting payment as 'transaction cost' for transferring of prize money.

The RBI statement also states that any Indian collecting or remitting such payments directly or indirectly outside India is liable to be proceeded for breach of the Foreign Exchange Management Act. However, the Act prohibits payment in any form towards indulgence in lottery schemes.

In addition, the RBI has decided to intercede into the matter and put an end to such problems. The banking regulator has directed banks in these states to be extra cautious about fake dealings.

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