New Delhi. Digital payments are increasing rapidly in the country and with this the methods of online fraud are also changing. Banks and financial institutions constantly warn not to share your OTP, PIN, CVV or card number in any phone call, message or email. Yet every day thousands of people fall into such traps.
Fraudsters try to gain trust by posing as bank officials, courier agents, telecom staff or even RBI officials. They call and say, “Sir, your card will be blocked.” They talk in such a convincing language that people get nervous and give away their confidential information. The real danger begins from there,
How does OTP fraud start?
A simple phone call, “Sir, your credit card verification is pending, otherwise the card will be blocked.” Or they say, “You are getting cashback of Rs 4,500, just confirm the OTP.” The fraudster calls by mentioning your name, last four digits or past transactions to make it seem as if they are a real bank official. After this they create a ‘fake emergency’ like KYC update, card block, limit increase or refund. After this the real attack begins – by asking for OTP. Many people give OTP thinking that the bank itself is asking. But OTP is the same security layer that protects your card from unauthorized transactions. No payment can be completed without this OTP. As soon as the victim shares the OTP, the fraudster completes the transaction within seconds and the money disappears from your account.
5 signs of OTP fraud
- Any call asking for OTP, PIN, card number or CVV is 100% fraud.
- Constant pressure from the caller: “Tell me now, otherwise the card will be blocked”, “Your KYC will be cancelled.”
- Luring: Reward points, cashback, refund, free upgrades etc. are all sweet traps.
- Installing unknown apps: Screen-sharing or ‘remote assistance’ apps are the most dangerous weapons.
- Fake call that looks like a real bank number: Now numbers can also be copied using spoofing technology. Don’t trust the call.
Disadvantages of sharing OTP
OTP is the ultimate security key to your card and your bank account. A small mistake of sharing this can cause you huge financial and mental loss.
- Money disappears in seconds – As soon as the OTP is given, the fraudster completes the transaction immediately. In many cases, multiple transactions are done with one OTP.
- The bank can also refuse to give a refund – If the customer himself has given the OTP, then the bank considers it as ‘customer negligence’ and can stop the refund.
- Identity is at risk – The fraudster can use your card information in other frauds also.
- Mental stress and legal process – After losing money, it takes weeks for complaint, FIR and bank follow-up.
Why are such frauds increasing?
The use of digital payments has increased, but with it digital crime has become increasingly professional. Fraudsters use elaborate scripts, calling data and auto-dialer technology. Due to data leakage, information like mobile number and name is already with the fraudsters. In such a situation, it is natural to find the call trustworthy.
How to avoid this trap?
- OTP, PIN, Password, CVV are ‘secret keys’. These cannot be shared with anyone. Banks never ask for OTP.
- Don’t trust any call – Always confirm by calling the bank’s official customer care number.
- Do not click on unknown links – Clicking a fake SMS link can install malware in your phone.
- Always keep transaction alerts on – any suspicious activity will be detected immediately.
- Report immediately if you receive a suspicious call – You can lodge a complaint on the bank’s helpline, cyber cell (155260) or website.
- Don’t panic, be alert – the fraudster’s biggest weapon is your fear. As soon as you panic, they trap you.
