For Quick Alerts
For Daily Alerts

OTP Theft: How To Safeguard Yourself Against It?


A few months back in the tech hub of Bengaluru the incidence of OTP theft came to light while it was reported on a more routine basis from other cities including Mumbai, Jharkhand etc. In the process, the fraudsters pose to be a banking representative and ask bank customers of the OTP in a illicit way by giving false explanations as to they need to update their debit or credit card details etc.

OTP Theft: How To Safeguard Yourself Against It?

The perpetrators in their attempt of OTP theft have mostly targeted first-time online net banking users, senior citizens etc.

How OTP theft is executed?

Primarily there are two ways in which this financial fraud is given shape:

1. Your phone that you use to get various updates on banking transaction as also the OTP may be infected with some malware and due to it the fraudster gets access to your SMSes and hence your OTP.

2. Another way is you may be tricked in some or the other way for revealing your OTP.

3. Also, there can be a case when in order to corrupt your phone, links are sent to you which if opened by you will provide access to fraudsters in an unwarranted way.

What should bank customers do to avoid such bank theft?

Never ever reveal confidential information including your card number, CVV or OTP and in case such details are compromised, you never know your bank account may be emptied without you even getting to know it.

Also, when you are executing any transaction via a phone call, the customary thing is they ask you to punch in your card details and not give out over a call.

Do not give in to differently appearing SMSes or encrypted text as it may be a trick to corrupt your phone.

Also, don't honor messages that ask you to forward OTPs as these are to protect and verify your transaction.

Read more about: bank otp fraud
Story first published: Monday, July 1, 2019, 11:19 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more