Online frauds are on the rise world over. While online transactions have become more prominent, online scams too have become more prevalent. At a time when most transactions take place over phones, people have been repeatedly instructed by banks, police and private companies not to hand over information like One Time Password (OTP) etc to strangers under any circumstances. But consumers are not listening enough which leads to scams being repeated.
The culprits exploit even educated people’s vulnerabilities with sugary offers and entreating calls and dupe them of money. Staying alert, not sharing bank details, avoiding friend requests etc are the key for staying safe.
Time and again, police issues caution that these fraudsters use the details and initiate an online transaction and ask for the OTP saying that it is required for completing the process of deferment of EMIs on loan or something else.
Once OTP is provided by a customer, money is siphoned away. The fraudster may also send a malicious link in SMS or email in connection with EMI which, if clicked, may install malware to compromise the mobile or computer, police said.
It should be kept in mind that the OTP, or PIN related to one’s bank account should never be shared with anyone as no bank asks for the same over phone or online.
It would be wise not to click on any links from unknown sources and it is better to ignore any offers online or otherwise. One would be better advised to thoroughly research any organizations or charities purporting to be raising money for the destitute.
Cyber crime is a criminal activity that involves the use of one or more computer and a network. A target could be an individual, an organisation or a government. Financial fraud, invasion of privacy, illegal trade, online stalking, data theft, subversion and espionage are a few examples of cyber crime.
It’s imperative to make users aware that they should not share sensitive information such as PIN, passwords, card details or log-in details with anyone. It is vital to make people aware that the bank or its officials will never ask for such details under any circumstances. Even banks keep on sending messages to customers to be wary of such messages and never share details. Those who use phone payment gateways need to be extra careful. Only then can cyber fraud be prevented.