A few months back in the tech hub of Bengaluru the incidence of OTP theft came to light while it was reported on a more routine basis from other cities including Mumbai, Jharkhand etc. In the process, the fraudsters pose to be a banking representative and ask bank customers of the OTP in a illicit way by giving false explanations as to they need to update their debit or credit card details etc.
The perpetrators in their attempt of OTP theft have mostly targeted first-time online net banking users, senior citizens etc.
How OTP theft is executed?
Primarily there are two ways in which this financial fraud is given shape:
1. Your phone that you use to get various updates on banking transaction as also the OTP may be infected with some malware and due to it the fraudster gets access to your SMSes and hence your OTP.
2. Another way is you may be tricked in some or the other way for revealing your OTP.
3. Also, there can be a case when in order to corrupt your phone, links are sent to you which if opened by you will provide access to fraudsters in an unwarranted way.
What should bank customers do to avoid such bank theft?
Never ever reveal confidential information including your card number, CVV or OTP and in case such details are compromised, you never know your bank account may be emptied without you even getting to know it.
Also, when you are executing any transaction via a phone call, the customary thing is they ask you to punch in your card details and not give out over a call.
Do not give in to differently appearing SMSes or encrypted text as it may be a trick to corrupt your phone.
Also, don't honor messages that ask you to forward OTPs as these are to protect and verify your transaction.