Fraud is on the rise in 'Bank OTP Bypass Scam'. Many people are being cheated whether they share their OTP or not. How is this happening?

As digital transactions increase, bank fraud is increasing. A report by the Reserve Bank of India (RBI) had earlier said that fraud in online banking is increasing day by day. Money is being lost. Criminals are constantly mastering new tricks of fraud, one of which is the 'bank OTP bypass scam'. If you accidentally share your OTP with someone, your account can be empty in an instant. Again, you can get cheated even without sharing your OTP. It is good to know what the dangers can be in both cases.

The dangers of OTP sharing

1) RBI has warned that loan apps are causing concern. Such apps sometimes ask to scan QR codes, and sometimes they commit fraud by using OTP. If you are not well aware of such apps, it is better not to transact money.

2) It is better not to click on the link sent in an email or SMS in the name of a state-owned bank. They are trying to find out Aadhaar, PAN, credit or debit card number, debit card expiry date, etc. in the name of the bank. Do not fall into this trap by mistake.

3) Do not click on links from unknown numbers in emails, SMS, WhatsApp. If you receive an OTP in a message or email or are asked for personal information, be careful. If necessary, contact the bank and police station. Always check the real website of the bank.

Can there be any danger even if you don't share the OTP ?

1) If you give your credit or debit card number or CVV to someone, then you won't even need an OTP. Criminals will be able to withdraw money from your account.

2) Many times, when you go to a restaurant or a petrol pump, you make money transactions using a credit or debit card. In that case, if you hand over your card to someone, it will be a disaster. You can take a picture of both the backs of the card and keep it with that person or the information of that card can be hacked. Then no OTP or PIN will be needed.

3) There are more ways to cheat. Nowadays, money is being transferred to the account using various online payment gateways. After this, an email or a phone call is received saying that the money has been transferred to the account by mistake. In order to return the money, a QR code link is sent and asked to be scanned. By doing that, the criminals empty the entire account.

To be careful, do not hand over your mobile or credit/debit card to anyone in your absence. Do not scan any QR code on someone's word. If you want to transact money exclusively through mobile, do not install any unnecessary apps on that particular mobile. And keep two-factor authentication enabled for online transactions.

@KrishnaQ

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@iQOO Connect