What are OTP Frauds?
With an increase in cashless and digital payment, online financial scams have also increased. These days fraudsters have found a way to steal OTPs and through it consumers bank balance.
PM Modi has worked very to make India digital and encourage Online Transactions. He has encouraged everyone including senior citizens to go cashless and pay online. Companies like Paytm, PhonePay, GooglePay, etc. has made it even more easy to pay for products/services online.Whenever you make any online transactions via credit/debit card or net banking, a unique numeric code called OTP or one-time-password is sent to the registered mobile number via text message. Once the customers types the OTP only then the payment is complete.
This OTP is required for all forms of online transactions. Now people have found ways to get this OTP to access your account and steal all the money from it.
There are simple ways to avoid this. The first step is to never share your OTP with anyone. No matter who calls you, never give your OTP over call, WhatsApp or email. Official services like banks never ask for OTP. If someone is asking for your OTP, it clearly means they are a fraud and are trying to steal your money. You also have to be very careful while paying online. Double check and verify the amount that is going to be debited as well as the name of the company receiving/account receiving the payment. If you feel company/ account looks suspicious or if the amount is different, then cancel the transaction immediately. Remember that, OTP is required only to pay money and not to receive money. Many times, fraudsters call people and ask to share OTP so that the person receives the money. Be very careful.
Only downloaded trusted Apps. There are many fake Apps that help people steal OTPs. You may think you have downloaded a simple calculator App. But this App shares your screen with the fraudsters and gives them all the information such as card number, CVV, OTPs, etc. With this they can easily steal money from your account.Whenever you have any problem make sure you use official websites to contact the customer care. There are many fake customer care agencies as well. Fraudsters also create fake helplines or twitter pages of famous companies. They use this to get in touch with customers regarding refund or cashback and then trick the customer into giving their details. So be very very careful!
