OTP Fraud on The Rise: Fraudsters Dupe Lakhs From People Across India; Here's All You Must Know
New online scam of OTP fraud is on the rise (Photo Credits: Pixabay)

Online scams are on the rise and with internet banking easily accessible on the smartphones, it is easier to carry all transactions with a few clicks. But technology has its disadvantages, as getting information over the internet has become easier. A new form of fraud called the one-time password theft is on the rise, especially in Bengaluru. People have been duped of almost lakhs of rupees and there is no clue about the culprit. Beware! WhatsApp Gold Scam Message Again Emerges Online; It's A Virus.

The scammers are using two ways of conning people. They either ask users to give their OTPs or a malware- software that is designed in a manner, that it will corrupt or get access to the system. The person on the other side then transfers money from the victim's account to their own. The person usually calls posing as a bank employee and asking the customers to renew their debit or credit cards. Online Bank Scams, Frauds & ATM Debit Card Conning On The Rise; Here's How You Can Save Yourself From Being Duped.

Despite many banks sending messages and spreading awareness about not sharing their details, people are unsuspecting and give away the details. The card number, CVV is shared while the scamster informs that an OTP will be needed to carry on with the transaction. SMS of the one-time password is sent, which the customer sends back, not realising, they will be duped. Using the OTP, the money from the person's account is easily transferred to the scamster.

The SMS which has the OTP are in encrypted format, having no substantial text. They have a certain link, which enables the scamster to carry out the transfer using the victim's OTP. The cyber crime personnel informed that in the period of 2-3 months, there have been numerous such cases. From a smaller amount of Rs 5000, now the scams are amounting to a range of Rs 50,000. According to a report in Economic Times, most of the victims are IT employees.

It is easier to gain trust of the person since while calling, the person gives a name and a reference. "India as a country has not taken privacy seriously. Most of the time, most hackers are able to find out the bank you are banking with," said Harsha Halvi, co-founder of TBG Labs to the same report. Any online transaction always asks the person for an OTP. Finding a technological solution to the scam, however, is still not possible. It is best that a customer should always verify such calls twice if someone asks for all the details.