Simple tips to protect yourself from OTP scams

Mumbai: One-Time Passwords (OTPs) are a popular method for ensuring security for almost all kinds of financial transactions. An OTP is  a secret code that helps keep your private stuff safe. You have to use this special code when you do things like paying bills, shopping online or sending money. But nowadays, online frauds involving OTPs have become increasingly common.

OTP scams typically occur in two ways. One, your phone could be infected by a malware, which can be used to tap into your messages containing the OTP. Two, you could get duped into revealing your OTP by a fraudster.

Here are some simple tips   to safeguard yourself from OTP fraud:

Beware of Unsolicited Calls and Messages: Scammers often use phone calls, SMS, or emails to deceive you into sharing your OTP. They might pose as bank representatives or other service providers.  No bank or government authority will ask for your OTP, PIN or password.

Protect Your Personal Information: Keep your OTP, personal details, and account information private Never share them over the phone, write them down, or leave them on unprotected networks.

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Avoid Clicking Suspicious Links: Fraudsters send links under various pretenses, like fake cash prizes or discounts. Clicking these links can lead to your device being compromised, and your OTP being stolen. Always manually search for apps or websites rather than clicking on suspicious links.

Beware of Unknown Apps: When you download an app, it may request access to your device’s functions. While some permissions are necessary for KYC and alerts, a suspicious app asking for too much access can steal your OTP. Stick to legitimate apps and grant only essential permissions.

Transact on Secure Networks: Public Wi-Fi networks can be. It’s safer to transact on secure networks like your home Wi-Fi or a trusted VPN.

Double-check the Source: Check the sender’s number, email ID, and other details to authenticate the message or email.

Update Your Contact Details: If you change your email or mobile number, update it with your bank and financial institutions quickly.

Check any payment link: Before making any payment, you should always check the account holder’s name and UPI link. Do not accept a payment link if any unknown account has requested it.