OTP Scam: Several incidences have escalated over the period- from asking for clicking numbers, to police, and now the OTP fraud has surged. Recently, the Indian government has issued an alert to protect citizens from financial scams. With the rapid increase in digital banking and UPI transactions, cybercriminals have found a new way to defraud unsuspecting users.
This risky and unsafe environment has safeguarded the bank account, which is crucial to stay informed and cautious.
Government issues warning about rising OTP fraud
- It was recently reported that the government has thought that it is a cybersecurity agency (CERT-In), which has warned the citizens about the increasing threat of OTP fraud.
- It was witnessed over the past few years that these incidents have become more sophisticated, with cybercriminals targeting users who are seemingly harmless actions.
- CERT-In has further urged the public to remain alert, as a small mistake by the user could grant criminals access to personal banking details.
How cybercriminals are targeting users?
Cybercriminals/fraudsters/scammers are using new tactics like:
- Impersonating bank toll-free numbers
- Calling from numbers that resemble the authorized financial institutions
- Depicting to be a police officer who caught your relative
These deceptive calls are used to trick the users into revealing sensitive information, like credit/debit card numbers, account numbers, CVV and most importantly, OTPs (One-Time Passwords).
CERT-In's tips to avoid falling victim to OTP fraud
Ignore suspicious calls
If you receive a call from someone who claims to be from your bank, especially from a number which seems similar to a toll-free number, then you DO NOT NEED TO ENGAGE. Rather, you need to hang up and verify the authenticity of the call by checking the official website of your bank or financial institution.
Never share personal information
Under no circumstances one should share these given details with anyone over the phone or in person:
- Your OTP
- Your credit/debit card information
- Your CVV
- Expiry date
Kindly note that banks and financial institutions never ask for these details over a phone call.
Beware of offers and cashbacks
These days fraudsters are using tempting offers like- cashback and discounts to lure users.
The scammers will try to obtain your OTP or passcode by luring you to win attractive offers. You need to be extra cautious of such unsolicited offers- always consult and report the issue to the cybercrime cell instantly.
How to stay safe? Verify and do not trust blindly
Technology is used to do almost everything and every day. In this digital age, protecting your financial information is more crucial than ever.
- You must always double-check any communication you receive from financial institutions and verify its legitimacy before taking any action related to sharing details like your bank account, OTP, passcodes, CVV, or fake calls.
- Sharing sensitive data can lead to losing everything from your bank account.
India TV suggests you stay alert, protect your data and avoid falling victim to cybercriminals.
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