OTP or one-time password was introduced as an additional layer of security for banking and also for website logins. However, if you believe it is safe to protect yourself from fraud, you need to think again. Now there is a new kind of OTP theft fraud that bothers Bengaluru citizens. While lakhs of rupees have already been stolen with this method, the worst part of the scam is that scammers fall away without being caught.

According to an ET report, IT staff in Bangalore has been the victim of this scam. The cybercrime police have found out how the fraudsters act. In most cases, victims were either sacrificed to OTP theft or a kind of malware app was used to gain system access and read SMS. Scammers first access OTPs on the victim's smartphone and use them to transfer money from their account.

"India as a country did not take privacy seriously. In most cases, most hackers can figure out which bank you work with, "said Harsha Halvi, co-founder of TBG Labs. The scammers call the victim who pretends to be a bank clerk and asks them to renew or upgrade credit / debit cards to get better benefits, such as: Cashbacks or access to lounges at airports. The victims are then asked to share card data and CVV number, whereupon an OTP is sent to their number for confirmation. If you do not give the cheats the OTP number, everything is fine.

"The thefts initially ran from relatively small amounts of $ 5,000 to $ 10,000. Recently, however, larger amounts have been stolen from $ 50,000 to a few lakhs. We have not been able to arrest anyone yet. The victims also include several IT staff, "said a source opposite ET.

Some cybercriminals also use malware programs to hack into the victim's phone and access OTPs. However, for this to work, the user must click on a link to activate the malware. The only way to fall victim to such scams is to make sure you do not click on suspicious links. Do not share OTPs with unauthorized callers.

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