Digital India push has prompted more and more Indians, even first-time internet users and senior citizens, to opt for digital payments. The effort, combined with payment solutions like Paytm, has made it relatively easy to pay for products/services online.
But, at the same time, it has also triggered a wave of serious OTP-based scams and frauds.
What is an OTP fraud?
As many know, digital payment transactions, carried out via credit/debit card or net banking, rely on a unique numeric code called OTP or one-time-password.
It is delivered via text message and is required for authenticating online transactions, wallet payments.
However, as it turns out, online fraudsters have been coming up with ways to get their hands on the confidential OTP and wipe accounts clean.
They use social engineering to steal OTPs :-
Fraudsters use a range of techniques to social engineer their targets and steal their OTPs and finances. It’s a major security threat for elderly and first-time internet users but can easily be avoided with a few basic steps…..Read more>>