Protect yourself From OTP Fraud!!


OTP is an abbreviation for One Time Password, and it can only be used once. OTP is used as a shield of defence against financial fraud. The bank or payment gateway sends an OTP to the registered mobile number before accepting your payment. The payment transaction will not be completed unless a person enters the OTP generated by the automated banking system.


As internet penetration increases, digital transactions are becoming the new norm. E-commerce sites, online marketplaces, and social media are abuzz with people buying and selling goods and services online. The growing popularity of these activities is directly proportional to the increasing number of cybercrimes and frauds related to online transactions in India.


Fortunately, the number of scams has also increased the awareness about precautions that need to be taken before finalizing any e-commerce transaction or signing up on a social media account.


OTP Explained


For fraudsters, OTP has become an instant way to make money. This financial fraud affects thousands of people. Even though banks and payment gateways have repeatedly tried to warn people about these frauds, many people are still victims of this financial fraud.


When you transfer money online using net banking or mobile banking, you will receive an OTP on your bank's registered mobile number; once you enter this OTP, the money will be debited from your account and transferred to the beneficiary's account. Similarly, when you pay for shopping, fees, etc. online with your ATM/Debit card, credit card, or net banking, you will receive an OTP on your registered mobile number to authorise this transaction; once you enter this OTP, the money will be debited from your account.

If you receive a call and the person asks for your OTP, never share it with that person because he is a fraud and will steal your money if you do so, whenever you get a call the caller will try to persuade you in a variety of ways, but you don't have to fall for his words. Simply disconnect and block the call.


Furthermore, never share your bank account information, such as your account number, registered mobile number, or ATM card details, on social media, websites, or any other online public platform.

How To Protect Yourself from OTP fraud?


Never sharing your OTP is the simplest solution to avert financial fraud.

Banks will never ask you about your card details, CVV, PIN, and OTP. So, if you receive a call from an unknown number asking for your bank account information, net banking password, mobile banking password, user ID, or OTP, disconnect the call immediately and block that number. The caller will try to convince you in many ways, but you don’t have to fall into the trap of his words. Simply disconnect and block the call.


Furthermore, never share your bank account information, such as your account number, registered mobile number, or ATM card details, on social media, websites, or any other online public platform.

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