How to protect yourself from OTP theft2 min read 05 Feb 2019, 01:03 AM IST
OTPs are a popular method for ensuring security for almost all kinds of financial transactions
On tapping into the messages and after procuring the OTP, fraudsters typically transfer money from the victim’s account to their own
Anew form of one-time password (OTP) theft recently came to light in Bengaluru, according to a recent news report, wherein a fraudster posing as a bank employee asked for customers’ OTP for ostensibly updating their credit/debit card details. While techies in the city reportedly lost large sums of money, no one has been arrested yet. While fraudsters got innovative in Bengaluru, the problem of OTP theft is much wider and is routinely reported from other cities, including Mumbai, Jharkhand and Kozhikode, as well.
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