During these troubling times, many of us are facing financial loss, unemployment and adding to that imagine if you lost your savings in fraud. Due to unemployment criminals have doubled up their activities using varies schemes be a corona virus charity scam or Phishing attacks or the most reported fraud is OTP Fraud!
OTP fraud is just one of the usual frauds to which a lot of people have lost lakhs of rupees. The main reason many have lost money to OTP fraud is due to lack of awareness. Individuals are still not conscious of the fact that One Time Password (OTP) must not be shared with anybody.
If you share OTPs sent to you by your bank, fraudsters can easily withdraw cash from your bank accounts. OTP's are some thing that must be kept secret and not shared with anyone.
Two common ways in which OTPs are stolen:
1. In the first method, sufferers are tricked to give up their OTPs on phone calls, emails, and SMS.
2. Another approach used by fraudsters to steal OTP is; they use software to corrupt or gain access to a cellphone to have the OTP.
From the method of stealing OTPs, fraudsters call the victims up and trick them:
Here are tricks used by fraudsters
1. Renewing credit or debit cards
Under this, fraudsters call up innocent people by claiming to be away from the bank and tell them that their credit or debit cards must be renewed immediately; to prevent getting them blocked. In order to renew, victims will be asked to provide their card information and OTP.
3. Updating KYC
Underneath this, victims will be sent an SMS or email containing links asking the users to upgrade the KYC. When the victim opens the link; he is going to be asked to provide certain details including the OTP.
3. Reward points or cashbacks
Under this trick, fraudsters call innocent folks saying they are qualified for cashbacks or they've unused reward points. In order to maintain these points, they will be requested to provide the OTP.
Tips to safeguard from OTP Fraud?
1. Don't share your OTP with anybody
Your OTPs are supposed to be a secret, you should never discuss your OTP with anybody over calls, SMS or mails. No banks or even reputed companies would ever ask for the OTP over call.
2. You do not require OTP for getting money
OTP is necessary only when you are sending cash, not while receiving money. A lot of individuals have been cheated by fraudsters who assert that they need to share OTPs for getting money into their bank account.
3. Do not download suspicious apps on your phone
Fraudsters use bogus programs to steal OTPs out of your phone. You ought to be cautious while downloading any programs on your phone, they will use these apps to mirror your cell and easily have access to your cell with OTPs. Download apps only from the reputed Company, from Play store or Apple store only, make certain to do a thorough background check.
4. Contact genuine customer care numbers
If you would like to contact the customer support team of any company; be certain that the number you are dialing is real. This is because fraudsters have put up many fake customer care teams with the intention of collecting personal information like card details and OTP.
Thus, you shouldn't require the customer support number which comes up on Google. Instead, you must go to the official website of the company and gather the customer care staff details. Frauds can happen to anyone on any level! A Renowned Business from Dubai Rashed Al Suwaidi and Hussan Suheil were involved in fraud worth Millions of Dollars. It shows that even big corporations are getting scammed and fraud we are just individuals,so I say its Better to Be Safe than Sorry.
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