OTP Fraud has become an easy way for fraudsters to make quick money. Lakhs of Indians have fallen prey to this fraud and lost crores of rupees. Even though government and banks have been alerting citizens not to provide bank details and One Time Passwords (OTPs), victims of OTP frauds are on the rise. If you read newspapers, there would be at least one such case a day.
IndianMoney reviews say the main reason for this fraud is the lack of awareness among people. As per IndianMoney review, many people still do not know that OTPs are meant to be kept secret and must not be shared. In this blog, we will discuss the importance of OTP and how people get cheated by OTP fraud.
OTP or One Time Password is the second layer of protection against fraud. For instance, if you are making payments through debit and credit cards, the bank sends the OTP to your registered mobile number and email id. Unless you enter the OTP sent by the bank, transactions will not be complete. OTP makes online payment very secure.
These are the tricks used by online fraudsters to collect OTP:
Recently a lecturer from Kottayam at Kerala, had lost Rs 1.80 Lakhs to OTP fraud. The victim had received a message in the name of State Bank of India (SBI). The message stated that a new ATM card had been issued. As soon as he finished reading the message, he received a call from an unknown person who pretended to be a bank executive. The victim was asked to provide the OTP, which had been sent to his mobile number for the purpose of activating the ATM card. Believing this to be true, the victim provided the OTP. The victim realized he had been duped only after he received a bank alert saying Rs 1.42 Lakhs had been debited from bank account.
Fraudsters call innocent people posing to be from the bank and say they have noticed suspicious activity with their debit cards. Victims will be asked to register bank account to protect from frauds. To register the account against frauds, victims will be asked to provide card number, CVV, expiry date and One Time Password (OTP) send to their registered mobile number. Fraudsters create a sense of urgency and ask people to give these details in a hurry.
These are not the only ways fraudsters collect OTP from innocent people. There are a lot of other ways used by fraudsters to collect card details and OTPs for fraudulent transactions.
See Also: Post complaints on IndianMoney if you are cheated by online shopping portal
As per IndianMoney review, never share card details and OTP. No banks or financial institutions ever call asking for card details or OTP. In case you receive such calls, kindly report them to the nearest police station.
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