Protect Yourself: Beware of OTP Frauds and Theft

In today's digital landscape, where online transactions have become the norm, protecting sensitive information like One Time Passwords (OTPs) is crucial. While OTPs serve as an additional layer of security for online transactions, fraudsters have devised various schemes to steal OTPs and commit financial fraud. Understanding the dangers, modus operandi, and preventive measures can help safeguard against OTP frauds and theft.

Understanding OTP Fraud:

An OTP is a security feature used to authenticate online transactions, adding an extra layer of protection. However, fraudsters exploit this feature by deceiving individuals into sharing OTPs through various means, leading to financial loss, data breaches, and malware attacks.

Modus Operandi of OTP Fraudsters:

Fraudsters impersonate as executives from companies or agencies, contacting individuals through calls or meetings with fake pretexts. They convince victims to share OTPs under false pretenses, such as offering free gifts, discounts, or fake service requests.

Fraudsters also send malware-infested links to capture OTPs or adopt social engineering techniques to trick individuals into revealing OTPs.

Preventive Measures Against OTP Frauds:

Never share OTPs or sensitive details like CVV or PIN with anyone, as genuine service providers would never request such information.

Avoid clicking on links from unverified or unknown sources, and refrain from sharing personal details through online forms or messages.

Regularly monitor messages and emails for unauthorized OTP generation and avoid downloading third-party apps with unnecessary permissions.

Use authentic contact details provided on official websites for service-related inquiries and never agree to install screen sharing apps suggested by unknown sources.

Properly dispose of sensitive documents and avoid sharing photocopies with strangers. In case of any issues, immediately inform your service provider and block your card to prevent further misuse.

Report incidents of cyber fraud to the authorities through the cybercrime.gov.in portal or toll-free number 1930.

By staying vigilant and following these preventive measures, individuals can protect themselves against OTP frauds and theft in the digital age.