OTP Fraud – What is it and how can I stop it?
Jul 6th, 20202 min readEdited on Apr 19th, 2021
A new scam is emerging in India and many other countries, attempting to steal money through obtaining credit card details and OTP (One Time Passwords).
OTPs – What are they?
OTP (One Time Passwords) are given when apps or other services require a password for verification. These are typically sent via text for financial transactions. Truecaller provides easy OTP verification by helping users easily copy the code.
Scammers are deceiving people into giving away their OTPs or are obtaining them through malware. Often, scammers call and pretend to be someone else. According to an article from Telangana Today earlier this year, Lakhs of Rupees have been stolen this way.
What can I do?
Let Truecaller handle your OTP, and don’t trust other 3rd party apps you don’t know when receiving important information like this. Truecaller is secure and doesn’t read your messages – we store everything on your device. Also, don’t share your credit card details over the phone unless it is from a trusted source. The most important thing to remember is that when you are sent a OTP for a payment, it is private! This is information that you should never share.
This leads us to some recent frauds where unsuspecting victims are getting their money taken using OTPs.
Scammers in some areas of India are reportedly trying to steal money using the recent RBI (Reserve Bank of India) freeze on many types of credit payments as disguise. They try to pose as your bank’s representative to talk about how you can take advantage of the moratorium on credit and other payments.
The scammers will pretend to help you take advantage of these new rules and ask for your banking details in the process. If you give them your details they will then ask for the OTP when they try and debit your money. Once you give them this, they will have your money and it will be difficult to retrieve, especially in a time where it is difficult to cancel with a bank or report to police.
Truecaller will always be there to help you with Caller ID, spam blocking and much more. But always remember to protect yourself by not sharing your OTP details.
Be safe and download the latest Truecaller!