How does an account get drained without even sharing the OTP?

How can a bank account be emptied without sharing an OTP? Learn about new methods of cyber fraud, simple preventive measures, and essential online banking security tips.

OTP fraud: Cases of cyber fraud are rising rapidly these days. People used to believe that money could not be withdrawn from their bank accounts unless they shared their OTP with someone. However, cybercriminals are now adopting new tactics. In many instances, money vanished from accounts even though the owners never shared their OTPs. Therefore, it is crucial to understand how this happens and how to protect yourself.

Clicking on fake links can prove costly.

Cyber ​​fraudsters often send fake messages posing as banks, electricity departments, courier companies, or government schemes. These messages contain a link; clicking on it redirects the user to a fraudulent website. If a user enters details like their bank account number, card number, password, or other information there, fraudsters can misuse that data. Always verify a link before clicking on it.

Fraud via screen-sharing apps

Fraudsters often call, posing as bank employees or customer care executives. They claim there is an issue with your account and ask you to download an app to resolve it. This app is usually a screen-sharing application. Once the user downloads it and grants permission, the fraudster can view the phone's screen and access banking-related information. Therefore, do not download such apps at the behest of an unknown person.

Beware of fake banking apps.

Many fake banking and payment apps are currently circulating on the internet. They look exactly like genuine apps. Downloading them can lead to the theft of personal information. Always download banking or payment apps only from official app stores.

SIM Swap Fraud is also a growing threat

Some cybercriminals employ SIM Swap Fraud. In this scheme, they attempt to take control of a mobile number. If this happens, messages and OTPs from the bank could be diverted to them. If your phone suddenly loses network connectivity or the SIM stops working, contact your mobile service provider immediately.

What to do if money is deducted from your account?

If money is withdrawn from your account without your knowledge, first call the bank's helpline and have your card and net banking services blocked. Subsequently, report the incident to the cyber helpline at 1930 or file a complaint on the National Cyber ​​Crime Portal. Filing a complaint promptly can increase the chances of recovering the money.

Keep these important points in mind:

Do not click on any unknown links. Never share your OTP, PIN, or password over the phone. Download only official apps. Keep your phone and banking apps updated regularly. Do not immediately trust any call or message that appears suspicious. Falling for such things could lead to fraud, so please keep these precautions in mind.