OTP Scams: Easy tips and tricks to keep your money safe

Image Source : FILE Know how to keep yourself safe from OTP scams

In today's digital world, online frauds involving OTPs (One-Time Passwords) have become increasingly common, and it's important to be aware of how to protect yourself from such scams. These scams can be committed in various ways. Recently, TV Actress Dipika Kakkar has also fallen victim to online delivery fraud.

What is OTP?

An OTP, which stands for One-Time Password, is like a secret code that helps keep your private stuff safe. You have to use this special code when you do things like paying bills, shopping online or sending money to make sure only you can do those things. It's an extra layer of protection for your important information.

Tips to Avoid OTP Fraud

Here are some simple tips offered by SBI (State Bank of India) to safeguard yourself from OTP fraud.

Beware of Unsolicited Calls and Messages: Scammers often use phone calls, SMS, or emails to deceive you into sharing your OTP. They might pose as bank representatives or other service providers which creates a sense of urgency. Legitimate organisations don't ask for your OTP unless you initiate a transaction requiring two-factor authentication. So, be cautious of unsolicited requests.
Protect Your Personal Information: Keep your OTP, personal details, and account information private. Scammers can't play with you without these details. Never share them over the phone, write them down, or leave them on unprotected networks.
Avoid Clicking Suspicious Links: Fraudsters send links under various pretenses, like fake cash prizes or discounts. Clicking these links can lead to your device being compromised, and your OTP being stolen. Always manually search for apps or websites rather than clicking on suspicious links.
Beware of Unknown Apps: When you download an app, it may request access to your device's functions. While some permissions are necessary for KYC and alerts, a suspicious app asking for too much access can steal your OTP. Stick to legitimate apps and grant only essential permissions.
Transact on Secure Networks: Public Wi-Fi networks can be risky, as scammers can spy on your online activities and steal sensitive information, including OTPs. It's safer to transact on secure networks like your home Wi-Fi or a trusted VPN.
Double-check the Source: Scammers have become clever at mimicking legitimate sources. Check the sender's number, email ID, and other details to authenticate the message or email.
Update Your Contact Details: If you change your email or mobile number, update it with your bank and financial institutions quickly. This way, you can ensure that important alerts like OTPs are sent to your new number which prevents unauthorised access.