Credit card limit upgradation fraud is a type of Cyber Crime where scammers exploit unsuspecting individuals by posing as legitimate bank representatives. These fraudsters typically contact their targets via phone calls, emails, or messages, claiming to offer an increase in their credit card limit. Once they gain the victim's trust, they proceed to extract sensitive personal and financial information.
This information, including full names, addresses, credit card numbers, and security codes, is then misused to execute unauthorized transactions or commit identity theft. Victims often discover these fraudulent activities only after significant financial damage has occurred.
Source: Raju & The Forty Thieves
To safeguard against falling victim to such scams, experts advise the following precautions:
By remaining vigilant and taking these precautions, consumers can significantly reduce the risk of falling victim to credit card limit upgradation fraud and other financial scams. Authorities continue to urge individuals to report suspicious communications or activities to their banks and local law enforcement promptly.
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