

In today's digital landscape, One-Time Passwords (OTPs) are crucial for securing online transactions. They provide an extra layer of protection, ensuring that sensitive data and money are safeguarded. However, as digital financial transactions have increased, so have the methods fraudsters use to exploit OTPs and commit financial fraud.
Understanding OTP Frauds
An OTP is a time-bound, unique password sent by service providers to a customer's registered mobile number or email. Despite its security advantages, fraudsters have developed schemes to deceive users into sharing their OTPs, leading to financial losses and data breaches.
How OTP Fraudsters Operate
Fraudsters employ several deceptive methods to steal OTPs:
-
Impersonation: Posing as company executives, agency representatives, or institution officials, fraudsters call or meet users with fake pretexts such as:
- Free gifts, offers, or discounts
- Easy loans
- Online shopping assistance
- KYC (Know Your Customer) updates
- Credit limit enhancements
- Food delivery services
-
Fake Links: Sending malware-infested links to capture OTPs when clicked.
-
Social Engineering: Convincing users to share OTPs through various deceptive techniques, such as:
- Posing as online shopping executives claiming to cancel an order
- Requesting OTPs for order cancellations or other services
Dangers of OTP Frauds
- Financial Loss: Unauthorized transactions can drain your accounts.
- Data Breach: Personal and sensitive information can be compromised.
- Malware Attacks: Clicking on malicious links can infect your devices.
- System Hacks: Your mobile or computer systems can be hijacked.
Preventive Measures
- Never Share OTPs: Genuine service providers will never ask for OTPs, CVVs, PINs, or other sensitive details.
- Avoid Clicking Unverified Links: Refrain from clicking on links from unknown or unverified sources.
- Do Not Fill Out Forms from Messages: Avoid providing details through forms received via messages or links.
- Monitor Your Messages and Emails: Stay vigilant for OTPs generated without your knowledge and take immediate action.
- Avoid Third-Party Apps: Do not download apps that request unnecessary permissions.
- Use Authentic Contact Details: Only use contact details from official websites for any clarifications or services.
- Reject Screen Sharing Apps: Do not install screen sharing apps like AnyDesk or TeamViewer as suggested by service providers.
- Dispose of Sensitive Documents Properly: Shred or securely dispose of documents like passbooks, cheque books, and Aadhaar cards, and avoid sharing photocopies with strangers.
- Report Issues Immediately: Inform your service provider and block your card to prevent further misuse if you suspect fraud.
- Report Cyber Frauds: Report incidents at cybercrime.gov.in or call the toll-free number 1930.
- CyberAwareness CyberSafety
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