Dangerous OTP online banking scam makes people lose lakhs.

Dangerous OTP online banking scam makes people lose lakhs.

January 15, 2019 Off By P.I. Staff Writer

People are falling prey to an online banking scam and it is resulting in people losing lakhs of rupees. If you thought that OTPs are the safest mode of transactions, you are in for a shocker. There are fraudsters using OTP’s itself to carry out fraud transactions.

This is how it all happens. It simply begins by fraudsters posing as bank employees and asking people to grade up their debit or credit card with new exciting offers. The customer falls prey to this. The fraudster will then ask for card details to verify and issue a new card to you. Once you share the card details, there will be an SMS sent to you with a link. The link redirects to an app which is a malware planted by the fraudster. The user installs the app and the apps simply starts redirecting all SMS from the user’s phone to the fraudster’s inbox.

Bank otp fraud

The fraudster can now easily carry out transaction by entering the card details which they already have and then get the OTP easily.

This scam is affecting a lot of people and causing huge losses to its customers. The cyber cell is taking steps to track this down and put an end to it.