The use of digital payments is rapidly increasing in India. Earlier, this method is only limited to the metro cities but now used in all over India. This process has got momentum with the arrival of apps like Paytm and Bhim UPI, the number of digital payments users has increased more. Unfortunately, at the same time, the risks of fraud digital payments have also increased. The fraud cases are happening especially with those who have just started using these digital means of payment. Such cases are coming up every day.
What actually fraud OTP means?
One Time Password (OTP) is sent on the device for getting the confirmation of the users while making a payment through these digital platforms. A user types this OTP where it’s asked and confirms that this payment is done by him/her or on their behalf. This is the reason being to not share this OTP with anyone. The frauds make the new users their victim easily by fraudulently asking OTPs. It’s sent on the device through an SMS or email and can be used only once. Fraudster easily steals the great amount from the bank account with this practice. That’s why it’s important to protect yourself from these frauds. Below we have mentioned the steps which can be followed to secure your bank accounts.
Let’s know these steps in-depth:
- Never share OTP anyone: Always, keep this in your mind that OTPs are never shared with anyone. Only you are allowed to use this otherwise you will be in trouble. A fraudster can call you, text you, WhatsApp or send email to ask the OTP and even claims that he/she is a bank owner but never believe in these statements. You should be never asked to share the OPT by any bank or an organisation. In such a situation where you have been forced to ask the OTP by any communication mode then, they only are the frauds who are trying to make you a victim.
- Keep an eye on the source and the amount at the time of payment: Whenever you are making a payment and put OTP somewhere then always check the amount to be deducted. Including this, you also have to check the platform and the source page you are putting the OTP. Check properly whether it’s a trusted merchant or not. If the source does not seem reliable, then cancel the payment immediately.
- No OTP Required in Credited amount- Another important thing which you have to keep in mind that the role of OTP is only during debit or you are transferring the amount anywhere. No OTP is required when an account gets credited in your account. Many cases have come up in which the fraudster asks the OTP from Victim by asking a user to send the money himself/herself and in return empties his/her bank account.
- Use only official apps on phone: Many times fraudsters also steal the OTP and card details of the users with the help of applications installed on the mobile device. For example, an app may be a flashlight or calculator, but it can steal your device’s data and send it to the fraudster. In this case, use only official apps downloaded from the Play Store or App Store.
- Contact the official customer care service number: You should always call the official customer care service number and go to the official site for any complaints or suggestions related to the bank account or payment. Fraudsters try to steal data by preparing fake helpline numbers and websites. Many scammers also try to hunt people by adding fake numbers on Google Maps. Do not fall into the trap of fake offers.
