In these COVID times, even as humanity is struggling with many things, there are many others who are trying to make quick money. One of the fastest and quickest way to make money is through this scheme called ‘OTP Fraud’.
HOW IS IT DONE?
- One way this can be done is when a sweet and comfortable voice calls you and asks you for your OTP (One time password)
- You will soon be cajoled into giving the OTP that comes on your phone, along with your PIN (personal identification number), Aadhar number, Debit card number number, CVV(card verification value), expiry data and other personal information
WHAT DO THEY DO WITH ALL THIS INFORMATION?
- Hacker would have figured your debit card number and your phone number through scrupulous means.
- Armed with your debit card number, he begins to purchase things online
- At the payment screen, he inputs your debit card and poses as a bank employee and calls you and asks you for your OTP, PIN, CVV, debit card number and other confidential data
- Once you part with your information, he completes the purchases and you will probably receive a big bill in your bank account!
WHAT CAN YOU DO TO PREVENT YOURSELF FROM FALLING PREY TO SUCH ATTACKS?
- DO NOT SHARE OTP, PIN, CVV, EXPIRY DATE, DEBIT CARD NUMBER WITH ANYONE!!
- DO NOT CLICK ON ANY SUSPICIOUS LINKS IN SMS, EMAIL MESSAGES
- DO NOT ANSWER CALLS FROM STRANGE AND UNKNOWN NUMBERS
WHAT SHOULD YOU DO AFTER FALLING FOR OTP FRAUD?
- Do not panic
- In all probabilities the bank would have blocked all suspicious activity to the bank account
- If it does not happen, do call the bank and block the card immediately and halt all transactions immediately
- The bank will not refund the money
- Do file a FIR with the cyber crime division of your city
- This will ensure that you get your money back
I am taking my blog to the next level with Blogchatter’s #MyFriendAlexa
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This post makes me realise how unaware we are of so many things. With Online transactions being the norm these days, it is so easy to get fooled. This post is an eye opener!
True, Mayuri…there are many who are trying to make quick money by scrupulous means in these trying times…
True. That’s why we should never share our OTP, pin or password with anyone. Even banks won’t ask us to share that information. A very informative post.
Yes – of late, elders who are innocent are being targeted in such scams…
Can’t be reiterated enough! Otp should never be shared. Thanks for the detailed post on this
OTP fraud is very common and is a surefire way for unscrupulous fraudsters to make big purchases. It is something I have personally experienced. But being a software personal I was wise enough not to give any information and bang the phone down. #MyFriendAlexa 2020
I have faced this situation twice. first with the bank and second with Airtel. they called for OTP and email update. First they were very sweet but after when they insisted on OTP I got panicked and disconnected the call. Thanks for posting such info as it will help many.
Not everyone is aware of how they are prone to otp fraud.specially the elder people.. Your blogpost is definitely be very helpful for those who are not very technically aware.
This is a very relevant post in these digital times. A lot of people are still unaware of these frauds while those us who “supposedly” know about them also fall prey quite often. Thanks for the heads up!
A friend very nearly fell for an OTP fraud. It sounded very complicated, WhatsApp being hacked and cintacts sent OTP that someone called to ask about.
With monetary transactions online in a major way, we need to stay educated and aware.
This is thankfully decreasing in it’s occurrence these days.. Thanks for spreading awareness…
This is an important post. We really need to alert when doing online transactions. I feel very restless whenever we are doing online transactions. Thanks for sharing.
With COVID, these instances have only increased. And with online payments platforms becoming the norm now, QR code scams are rising. Thankfully my friends told me about it, but it would not have struck me the way these scams are done. Loved the post. Awareness is so important.
[@samantha_rjsdr] fromWhimsical Compass
It’s impossible to not pick up calls from unknown numbers especially when you have people calling you from different numbers for work. But yes, being alert and NOT giving your credentials away easily is very important.
Otp frauds and fishing is becoming so common we must educate our elders also regarding the same.
This post is kind of an eye opener, learned so much about frauds like this.and learnt to be more careful jn these technical aspects & not overlook & trust.
That is so true. Such kind of cases are on a rise with increasing use of online transactions now a days. Hence i sometimes feel that the old days of hard cash were better.
True…these days OTP frauds are so common, I hear very frequently about this scam. This post is very informative, I hope people will get more aware about this crime. #MyFriendAlexa
This was so informative and detailed. And just so necessary in these times. Forwarding it to my dad as well as elders sometimes tend to be too trusting and gullibe. Thanks for this.
This is so informative. A close relative went through a OTP fraud recently and got duped for 20k. Unfortunately the bank could not retrieve the amount due to second factor authentication, and FIR in these Covid times seems a bit risky. But he is still reeling from this incident, and I can so relate to what you’ve written. This should be publicized and passed on to as many people as possible. Thank you and once again kudos for writing so well!
Oh…my…yes, can totally understand…the bank will not refund the amount… only filing an FIR will get the money back to you…
OTP fraud has been increasing day by day and it’s shocking how the hackers come up with such unique ways to commit the fraud. I am so glad you shared this. It would definitely help many people protect themselves against it.
Very informative post that is definitely the need of the hour with increased online transactions.
Similar case happened with me last year , caller asked OTP sent for a Paytm transaction , thanks to Almighty I didn’t shared .
This post is so relevant in current times and makes us realize how unaware we are of the constantly evolving technological hassles and frauds that can instantly affect our lives . Thank you for writing this piece and making us aware of such a vital issue.