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How to protect yourself from OTP theft?

IamCheated.com Research Team | July 20, 2019  7:57:am

How to protect yourself from OTP theft?

One Time Password which is popularly known as OTP is very important while carrying out any financial transactions. It is the second layer of protection against fraud and makes your online transactions secure. For instance, if you are carrying out any transactions online using your debit and credit cards, OTP is sent to your registered mobile number and email ID by the bank. Your transaction will be completed only after you enter the OTP.  This OTP is valid only for a certain time period.

Unfortunately, fraudsters are making use of OTP as a weapon to cheat people and make quick money.  Even though the government and banks have been alerting citizens on OTP theft, thousands of people across India have lost their hard-earned money to this fraud. Fraudsters normally collect OTP from people by posing as bank employees and the OTP collected is used to carry out, fraudulent transactions.

How OTP theft is carried out?

Here are the ways through which OTP's are stolen to carry out fraudulent transactions:

1. The most common method used by fraudsters to steal OTP is by posing as bank employees. They contact innocent people claiming to be from the bank and ask them to provide their OTP to solve some problems. They speak very professionally, so that victims do not suspect anything.

2. Another trick used by fraudsters to steal OTP is by making people download the AnyDesk App. Once the AnyDesk app has been downloaded to the victim's phone, fraudsters gain remote access to his/her phone.  Whenever the bank sends OTP to the victim's phone, fraudsters steal it. 

3. Cybercriminals can gain access to your OTP if your phone is infected with malware.

4. Fraudsters send links to your phone, to hack it. If you click on those links, your phone gets corrupted and hackers gain access to your OTP.

How to protect yourself from OTP theft?

1. To avoid this kind of fraud, you must never reveal your card number, CVV and OTP to anyone. No banks and companies call, asking for your OTP. In case you receive such calls, this is a snare by fraudsters.

2. Never click on any suspicious link sent to you by unknown people. 

3. Do not download the "AnyDesk" app on your phone. If you receive any pop-ups from the app store, social media or any other channel, make sure to avoid them.

4. Never reply to the SMS and emails which ask you to forward your OTP.

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