Chhatrapati Sambhajinagar: A 55-year-old private professional from the Satara area lost Rs 4.4 lakh to cybercriminals between April 20 and 21.Satara police registered an FIR on Saturday. The victim fell prey to a phishing attempt in the guise of waiving off charges on a credit card.The victim got a call on his mobile with an imposter introducing himself as an employee from the credit card section of a private bank.The cybercriminal sought details ofbank account and credit account in the pretext of waiving off charges on the credit card, police said.The man also shared an OTP that led to a deduction of Rs 4.13 lakh towards a credit purchase. Soon, he got another deduction message of Rs 31,805 from his bank account.The police have registered an offence under the IPC 420 and the enabling provisions of the Information Technology Act, 2000 in connection with the crime.We also published the following articles recently5 reasons why you should not max-out your credit cardCredit cards come with a spending limit, and its crucial to keep balances below this limit for a healthy credit utilization ratio. A high ratio indicates difficulty in managing spending. Its recommended to keep the ratio below 30%, especially if you rely solely on credit cards. Maxing out your credit card can lead to penalties, a debt cycle trap, negative impact on credit history, a drop in credit score, and loss of card benefits. To mitigate the risks, increase your credit limit or pay off balances quickly.Higher risk weight on unsecured bank loans credit positive: MoodysRBI tightens norms for unsecured personal loans, raising risk weights on unsecured retail loans, credit cards, and lending to NBFCs. Lenders need to allocate higher capital, improving loss-absorbing buffers. Unsecured loans rapid growth poses potential credit costs in case of economic or interest rate shocks. Underwriting norms through higher risk-weighted assets dampen lenders growth appetite. Indias unsecured lending segment is competitive, with banks, NBFCs, and fintech companies aggressively growing loans. Banks can absorb higher risk weights with small exposure to unsecured retail credit and high capitalization. Impact of new rules varies among lenders. S&P Global Ratings says norms may hit banks capital adequacy, leading to higher lending rates, lower credit growth, and capital raising among weak lenders.9 proven strategies to increase credit scoreLack of awareness in India causes individuals to struggle with low credit scores. Understanding credit scores and reports is crucial for maintaining financial health. Low credit scores have negative effects on credit card and loan applications. Regularly checking credit reports is important even for those with good credit history. Timely payments, reviewing credit reports, and maintaining a healthy credit mix are essential tips to improve credit scores.

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