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Banking Frauds: Fraud is happening in the name of bank’s OTP, account may be empty, be careful like this

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Banking Frauds

Highlights

  • Fraudsters are also breaching OTP security
  • Cyber ​​frauds hack your phone messages
  • At least you use the message service

The faster banking services are going digital, the more fraudsters are spreading their web. These cyber criminals are breaking into security twice as fast as banks are making their systems tighter. Till now, banks have been using two-factor-authentication and OTP SMS verification as the most secure means of digital transactions to protect the money held in the accounts of the customers. OTP is required for any type of bank transaction and fund transfer. But the fraudsters have started defying it too.

Recently there have been some reports in which it has been found that fraudsters are also breaching OTP security. It has often been seen that after our transaction, sometimes OTP or message comes immediately. At the same time, OTP does not come even after a long time. We think there will be a network problem. But it can also happen due to OTP fraud.

How OTP Fraud happens

Cyber ​​frauds hack your phone messages. In such a situation, your mobile message is diverted to another phone. In such a situation, your message can also reach hackers. Hackers do transactions with your OTP message and you do not even notice. Although this task is very difficult in banking transactions, it has to go through many processes of authentication. But you still need to be careful.

How to Avoid OTP Fraud

  1. The way to avoid this type of fraud is to use at least the message service.
  2. You should always use two-factor-authentication.
  3. If available, ask for OTP on e-mail.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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