OTP online banking scam rises

OTP online banking scam rises A new type of OTP theft scam that has been worrying the citizens in Bengaluru.

While lakhs of rupees have already been stolen using this method, the worst part of the scam is that fraudsters are slipping away without getting caught.


OTP online banking scam rises

If you think OTP or one-time password SMS-based two-factor authentication is the safest bet to protect yourself from online banking scams, then you might be mistaken.

Of course, hacking OTPs (or any two-factor authentication) is not easy and offers far greater security than just standard passwords.

OTP online banking scam rises Online scams are on the rise and with internet banking easily accessible on the smartphones, it is easier to carry all transactions with a few clicks.

OTP or one-time password was introduced as an added layer of security for banking transactions and also for website logins.

However, if you think it is a safe bet to protect yourself from scams, you need to think again.

A new form of OTP (one-time password) theft is on the rise in Bengaluru, and many IT employees have become its victims. Lakhs of rupees have been stolen using this method, but not a single culprit has been apprehended so far.

OTP online banking scam rises The scammers are using two ways of conning people. They either ask users to give their OTPs or a malware- software that is designed in a manner, that it will corrupt or get access to the system. 

How the OTP thefts are processing with your account?

OTP online banking scam rises as per the report of the Officials of the cyber crime,

# The OTPs are stolen either by planting malware on victims phone or through fake call centres posing as bank employees.

# In OTP thefts, victims are either conned into giving away their OTPs or a malware, a software designed to corrupt or gain access to a system, is used to get the SMSes with the OTPs.

# It all starts with a call from someone who claims to be an employee with the bank.

# The fraudster posing as a bank employee talks about renewing or upgrading existing debit/credit card of the victim

# The fraudster asks for debit/credit card number, CVV, expiry date of the existing card to upgrade it to a new card

# When victim shares his/her existing card details to get a new card with better benefits after this, the fraudsters tells that the victim will receive an SMS to confirm the card upgrade.

# This SMS comes with a link which the victim unknowingly happens to click to confirm the card upgrade

# The link on SMS simply installs a malware on the victim’s phone that redirects all OTP SMSes to the fraudster’s phone

# Sometimes the fraudster tells the victim to resend the SMS to the sender to confirm the card upgradation

# As the fraudster already knows the card details (CVV, expiry date and card number) of the victim, he initiates unauthorised transactions

# To authenticate the transaction, the moment the OTP reaches the victim’s phone it gets redirected to the fraudster’s phone through the malware

# Once the fraudster gets the OTP, the transaction can be easily verified

# With this trick, fraudsters have emptied bank accounts of several people across the country

Notably

OTP online banking scam rises India as a country has not taken privacy seriously. Most of the time, most hackers are able to find out the bank you are banking with.

It is best that a customer should always verify such calls twice if someone asks for all the details.

The only way to avoid falling prey to such scams is to ensure that you do not click on suspicious links. Also, do not share OTPs with any unauthorized callers.

Unless one doesn’t give the OTP number to scamsters, it is all fine.

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