Sharing credit card details such as OTPs, CVVs, or images over the phone continues to be a risky practice. Such a practice must be discouraged among all credit card users. Proper financial awareness and literacy are indispensable nowadays, given the rapid technological advancement of credit exchange and growing transactions.
Recent data underlines and acknowledges the urgency of focusing on scams and digital theft, which continue to surge rapidly alongside the nation’s economic growth and digital transformation.
Rising fraud losses amplify risks
The Ministry of Home Affairs recently reported a stunning ₹22,845 crore lost to cybercriminals in 2024, a 206% increase from ₹7,465 crore in 2023. It showcases a worrying trend of compounding losses due to cyber crimes. About 36 lakh financial fraud cases were reported last year, a sharp increase from the 24 lakh cases reported a year earlier.
Most of these cases involved phone-based financial crimes. They involved stealing credit card details such as OTPs, CVVs, and credit card images, resulting in identity theft and serious economic losses. Credit card users must treat such details as strictly confidential. This kind of data should never be shared over the phone or any other device. Setting up real-time transaction alerts also becomes equally important.
Common dangers in phone transactions
- Credit card details shared verbally or through phone messages can be intercepted without encryption. Fraudsters generally impersonate official or trusted entities such as RBI, SEBI, etc., using caller ID spoofing and creating a false image to con credit card users.
- Sharing critical information, such as credit card front images, CVVs, OTPs, and PINs, over calls can simply facilitate immediate and forced misuse. Huge sums of money can be swindled this way, resulting in serious financial damage.
- In legitimate cases, errors in relayed information may result in transaction disputes or blocked accounts. This can cause discomfort to users, who might then be required to visit their designated credit card branches to unblock their accounts.
- The innocent victims who don’t take protective measures, i.e., keeping their basic information such as Aadhaar details, CVVs, OTPs, PINs secure, can face long resolution periods, emotional and psychological stress.
Credit card usage should never be taken casually or recklessly. Scammers and fraudsters are always on the lookout for mistakes made by individuals who own credit instruments.
Worrying fraud trends
According to a Bloomberg report, by March 2025, the country’s total number of bank fraud cases had reached $4.2 billion, tripling from the previous year. This again highlights the growing need for proper due diligence when conducting any kind of digital transaction online or through non-digital methods.
The ease of transferring funds has made it equally challenging to stop fraud cases. A serious digital divide in the country further makes it difficult for the government to spread digital literacy uniformly. Scamsters exploit digital payment channels fueled by widespread smartphone use, easily available low-cost internet, and weak cyber knowledge and literacy.
In conclusion, given the scale of sophistication of phone-based scams, increased public awareness and vigilance are crucial. Credit card users should take control of their data and adopt safe payment habits to bring down mounting fraud risks in the country.
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