Cyber Fraud Part 3 - Credit Card Annual Fee Waiver Offer

Cyber Fraud Part 3 - Credit Card Annual Fee Waiver Offer

These are unknown scam calls waiving the yearly charge on your credit card


Have you ever received a call saying that the annual fee on your credit card will be waived but instead your money was debited from your bank account? The fact is that when you get this kind of call, it is a fraudster trying to extort money from you. Learn as much as you can about the internet fraud that can save your money. This article will focus on the false offers of a waiver of the annual fee for credit cards. This is a sort of scam when a caller pretends to be from the bank and calls you from an unknown number. 

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Credit Card fraud:

Annual fees on credit cards are the charges your card provider charges you annually to keep your account active. The fraudster will pretend to be from XYZ Bank customer care, where you have your account, and gain your trust by providing you with all the information regarding your bank account, which they may have unlawfully obtained from another source.

A fraudster will urge you to confirm your bank information while claiming that the bank has waived your yearly charges for the current year. You will be instructed to share your OTP with them in order to authenticate your account when you confirm your bank information. As soon as you share the OTP, you are the victim of a scam since the fraudster will instantly deduct money from your account. 

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What to do if a scammer calls you and claims to be a bank member?

  • The first thing to remember is to use caution while answering unidentified calls claiming to be from banks.
  • Once you determine that the call is from a fraudster, report it to your Home branch. 
  • Never reveal your OTP to a stranger. You can only conduct a transaction after sharing your OTP. No financial transaction may be made without an OTP. 
  • Block your credit card immediately. 
  • Report the occurrence to the local cybercrime police station and the National Cybercrime Reporting Portal at

Sources: Click on Link


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