Beware of OTP fraud. Fraudsters ask for OTP on the pretext of bank officials, lottery or other pretexts. Never share your OTP with anyone. This is for withdrawing money, not for depositing it.
One of the most common cyber crimes these days is OTP fraud. Fraudsters use various tactics to steal money from your bank account, so that people get tricked into revealing their OTP. Fraudsters adopt some similar methods to carry out OTP scams. You get a call in which the caller says that he typed your mobile number by mistake, so the OTP of the transaction has gone to you. After this, he will ask you to enter this code.
Another way is that you will get a call from an unknown number and the caller will introduce himself as a bank official. He will try to scare you by saying that the bank has noticed some suspicious activity in your account and you have to provide your PIN or OTP to avoid further loss. Hackers can also commit fraud by posing as online retailers or delivery drivers. They will ask for your OTP under the pretext of canceling the order or giving a refund.
Fraudsters may call or message you and say that you have won a lottery, prize or reward, and to receive it they need OTP. Scammers know that with increased cyber awareness, more people are now aware of cyber fraud. Therefore, they are making even more complicated excuses to ask for OTP. For example, they may ask for your OTP with the promise of an interest-free loan or income tax refund.
The OTP you receive should never be shared with anyone. No bank employee, police officer or government official will ever ask you for your bank PIN or OTP. Remember that by using OTP, money is deducted from your account, not credited. Money cannot be deposited into your account through OTP.
Fraudsters may request you to provide the OTP, claiming that once you do so, they will be able to transfer money to your account. Don’t fall prey to such deceptions.
Check out tips to stay safe from OTP fraud
- Read the SMS containing OTP carefully. The purpose of OTP is often mentioned in SMS. If in doubt, do some online research about the company or retailer before making an online purchase.
- Visit their official website and use the contact number given there. If you are still not convinced, opt for cash on delivery.
- Do not click on any link, email or message from an unknown source that offers financial alerts or product offers.
- Use only secure networks to make digital payments. Financial transactions should not be done through public Wi-Fi as it is easy to hack.
- Create strong passwords for your online accounts and turn on two-factor authentication (2FA) if possible.
Check your bank statements regularly. Keep an eye on any strange or unusual transactions. If you find anything that doesn’t make sense, notify your bank. Be patient and increase your knowledge about digital security. Ask questions if you notice anything strange while transacting online. Before completing any purchase, pause for a moment to look carefully for any red flags.