Don't lose money to OTP scams: 5 ways to protect your bank account

Online fraud, especially OTP scams, is on the rise with digital transactions. Sharing your OTP can empty your bank account. Cyber experts advise caution and offer safety tips.

Online fraud risks are increasing.

In the digital age, most tasks are done online. Whether it's bank transfers or ordering food or favorite clothes, digital media has become one of the main areas of financial transactions. And with this, the risk of online fraud is also increasing. The most common scam is 'OTP bypass scam'.

OTP sharing can lead to fraud.

The OTP received on the mobile phone opens the trap of fraud. If someone believes the fraudsters and carelessly tells the OTP, it's a disaster. The bank account will be emptied immediately!

OTP fraud leads to financial losses.

Many people have lost their lives in the last few months due to OTP fraud in Kolkata. The government's cyber security department has warned that nothing related to financial transactions should be said over the phone.

Stay safe with online banking tips.

Avoid clicking on any links or being asked to download something on the phone. Be careful while doing online banking too! Cyber experts have also advised that you can stay safe by following the rules.

Never share OTP over the phone.

Do not call any toll-free number and do not share credit card or debit card numbers or OTPs received over the phone.

Verify bank websites for transactions.

You should check whether the number you are receiving a call from or the number you are calling from is a bank or an institution. When doing online banking, you need to go to the official website of the respective bank.

Use two-factor authentication for safety.

Ensure two-step authentication for bank accounts. This will increase the security of your app. Make financial transactions using your phone's data or Wi-Fi. Using public Wi-Fi can be dangerous.

Beware of phishing links and messages.

Do not click on links received from unknown numbers in email, SMS, WhatsApp. If any message or email comes with OTP or asks for personal information, be careful. Contact the bank and police if necessary.

Never share sensitive information over calls.

If a bank or a representative of any organization calls, do not give Aadhaar, PAN, credit or debit card number, debit card expiry date, date of birth, bank account number or any other identity.

Be cautious of investment scams.

The trap of fraud is increasing in the name of making profit by investing in Telegram or other apps. Mainly in the name of investing in cryptocurrency (private virtual currency) and new IPOs in the stock market. Beware of such cycles.