Mumbai: The Reserve Bank of India (RBI) on Friday warned the public against credit cards issued by fraudsters in its name.

In a statement on its website, the central bank stated that it does not carry out any business with an individual.

Explaining the modus operandi of the credit card fraud, RBI said a consumer is sent a credit card that allows withdrawal of money up to a certain limit, albeit a small sum, from a bank account. Having gained the confidence of the victim, the fraudsters get him to deposit a huge sum of money in the same bank account.

Once the money is deposited, the card stops working and that would also be the last time the holder of the card would hear from the fraudster, RBI said.

The banking regulator also warned against other fraudulent practices such as fictitious offers of large sums of money or lottery winnings by email and phone calls, fake RBI website for online transactions, luring consumers to share their bank account passwords and user identification under the pretext of securing their accounts and the offer of employment in the RBI through mail.

The central bank stated that fictitious offers are also made in the name of other public institutions, such as the International Monetary Fund, income-tax authorities, customs authorities or public figures.

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