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Don't lose your money to this OTP fraud

IamCheated.com Research Team | August 07, 2019  6:24:pm

Don't lose your money to this OTP fraud

One Time Password which is popularly called OTP; is very important when you carry out online transactions. It makes sure the transaction is safe and secure. It is the second layer of authentication and your online transactions will not be completed; without entering the OTP. 

While carrying out any online transactions using your bank account, the bank will send an OTP to your registered mobile number and email ID.  Your transactions get completed only after you enter the OTP in the given box.

Your OTP is meant to be kept secret and you should not share it with anyone; including the bank executives. But, many people without knowing this; share the OTP. Fraudsters use this to empty bank accounts. There are many incidents where innocent people have lost their money to OTP fraud.

See Also: How to protect yourself from OTP theft?

Real-life incident

Recently, a home-baker from Gurugram, received a call from a person who wanted to place an order for a cake. Before he placed the order; he had a discussion with the baker for about 20 minutes. The baker informed him that the order would be processed; only after payment of 50% of the total amount. The client informed her that he would make the payment through Paytm; immediately.

To make the payment, the baker was asked to share the One Time Password (OTP) she had received on the phone. As soon as she shared the OTP, the fraudster emptied her bank account. On realizing she had lost the money, she called up the client, but found the phone; switched off.

Save yourself from this kind of fraud by following the below-mentioned tips

1. Never share your OTP

One thing you must always keep in the mind is, OTP should not be shared with anyone. You should not share your OTP; even if the caller claims to be from the bank. No banks or reputed companies ask to share the OTP and other personal information.

2. OTP is generated only while making the payment

OTP will be generated only while making the payment and not while receiving the payment. If any person asks you to share the OTP stating he will make the payment, don’t pay heed.

3. Do not download screen sharing apps

Many times fraudsters make you download a screen-sharing app on your phone; to gain remote access. By taking remote access, fraudsters will have complete control over the phone.  They can access all information that is stored on the phone including OTP. So, never download screen-sharing apps on your phone.

See Also: How People Get Cheated By OTP Fraud? Review By IndianMoney

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