In yet another case of online financial fraud, Axis Bank has become the victim of a large-scale cyber scam, losing nearly ₹9 crore. The fraudsters, posing as company officials, tricked the bank into making changes to a corporate account, leading to the massive swindle.
According to reports, the Economic Offences Wing of the Delhi Police has registered a case following a complaint from the bank. The incident reportedly took place at one of Axis Bank’s branches. The scam started when the fraudsters contacted the bank, pretending to be legitimate representatives of a company. They requested a change in the registered mobile number associated with the corporate account.
After successfully altering the mobile number, the scammers made another suspicious request—this time asking for access to the bank’s corporate internet banking system. Once they gained control of the account through internet banking, they swiftly transferred funds from the bank’s account to several other accounts.
Axis Bank’s branch manager filed the complaint, revealing that the request to change the mobile number was made on June 7, 2024. Between July 10 and August 30, the scammers managed to transfer nearly ₹9 crore from the bank’s account before the fraud was detected.
Tips to Protect Against Online Bank Frauds:
- Monitor Your Accounts Regularly: Whether you have a single or joint account, keep a close watch on your transactions.
- Check Statements Frequently: For accounts holding significant amounts, reviewing your bank statements frequently can help catch unusual activity early.
- Use Two-Factor Authentication: Ensure your bank account activities are double-checked through two-factor authentication for added security.
- Keep Your Contact Details Updated: Regularly update your registered email ID and mobile number with the bank. Visit the bank for a KYC update if needed.
- Strong Passwords for Internet Banking: Always use a strong, unique password for your online banking and update it periodically to reduce the risk of hacking.
This incident serves as a reminder of the growing threat of cyber frauds targeting both individuals and organizations. Regular vigilance and strong security measures are crucial in protecting against such online scams.
