OTP Frauds: People Receive Fake Calls From Automobile, Apparel And Others Asking Users to Share OTP to Complete KYC Process, Banks Alert Customers That EMI Deferment Doesn't Require One Time Password Sharing
OTP Fraud Alert (Photo Credits: File Image)

Mumbai, April 7: India is in the middle of a 21-days nationwide lockdown, and everything barring the essentials has been stopped. But, this hasn't deterred the cyber frauds from being active and devising new methods to dupe innocent people. From banking, automobiles to big fashion brands, customers have been getting calls from fraudsters urging them to share OTP received on their mobile.

SBI recently took to Twitter to inform its customers of a new kind of fraud that is taking place. In it, customers get calls asking them to share their OTP, in order to postpone their loan EMIs. Once, the OTP is shared, the amount is immediately siphoned away by the fraudsters. The bank, therefore, urged its customers to be alert and mentioned that EMI Deferment doesn't require OTP. Loan EMI Moratorium: List of Banks Allowing Borrowers to Delay Payment of March Installment By 3 Months Amid Coronavirus Lockdown.

Check SBI tweet:

PIB has also shared the following information on their Twitter handle and urged people to not fall for these scams and to never share OTPs.

Check PIB Tweet here:

A similar notice has been shared by Karnataka bank to alert people of fraudsters asking for OTP for EMI postponement.

Here's what Karnataka Bank has tweeted:

Last month, Reserve Bank of India (RBI) Governor Shaktikanta Das announced that all banks, lending institutions will allow a three-month moratorium on all loans. RBI permitted banks to not just allow a three-month moratorium on all loans but also provide a three-month interest deferment on all loans. This was one of the biggest announcement as part of the RBI's four-point plan to fight the adverse economic effects of the COVID-19 or coronavirus pandemic crisis.  MakeMyTrip & Goibibo Alert Customers About Fraudsters Targeting People Seeking Refund For Booking Cancellations Amid Coronavirus Lockdown in India.

Surprisingly these fraud calls are not only limited to banks alone, and customers are also getting fake calls from people using names of big brands like Amazon and Bafna Motors. They are urging people to share the OTP received on their mobile phones in order to complete the KYC process. LatestLY advices people to stay safe and alert always as these fraudsters are always on the lookout to cheat people.