HYDERABAD: What began as a routine search for forgotten bank balances has become the latest hook for cybercriminals, as police warn that fraudsters are exploiting a Reserve Bank of India initiative to drain accounts within minutes.
A Familiar Promise, Recast for the Digital Age
In recent days, residents of Hyderabad and other cities have been receiving messages that strike a tempting chord: notifications claiming that large sums of money are lying unclaimed in old bank accounts. The messages urge recipients to act quickly, offering links to withdraw the funds through what is presented as an official Reserve Bank of India (RBI) platform.
City Police Commissioner V.C. Sajjanar said the messages and emails are part of a new cyber fraud that repackages a long-standing scam tactic—easy money—with the credibility of a central bank initiative. By invoking the RBI’s “UDGAM” portal, fraudsters are attempting to blur the line between legitimate public services and criminal deception.
How the Scam Works
According to the police advisory, cybercriminals are circulating links through WhatsApp, SMS and email, directing users to fake websites that closely resemble official portals. Once clicked, these links can compromise mobile phones, allowing attackers to gain access to banking applications and empty accounts within minutes.
In parallel, fraudsters are also impersonating RBI or bank officials through phone calls. During these conversations, victims are pressured to share sensitive information, including one-time passwords (OTPs) and login credentials. Police officials say the combination of technical manipulation and social engineering makes the scam particularly effective, especially among users unfamiliar with the RBI’s actual procedures
Clarifying What the RBI Does and Does Not Do
Commissioner Sajjanar emphasised that the RBI does not:
- contact individuals to request OTPs,
- passwords or personal banking details, whether through calls, messages or emails.
Any communication asking for such information, he said, should be treated as an immediate red flag. The police reiterated that citizens seeking information about unclaimed deposits should use only the official UDGAM portal, hosted at the RBI’s authorised website. The portal was designed to help people locate dormant or unclaimed balances across banks, but officials warn that its public visibility has made it an attractive tool for misuse by scammers
Vigilance, Reporting and the Wider Context
The advisory urges citizens not to click on suspicious links, regardless of how official they may appear. Victims of cyber fraud have been asked to act quickly by calling the national cybercrime helpline 1930 or filing a complaint through the government’s cybercrime reporting portal https://cybercrime.gov.in
