Scam Basics: OTP-Based Fraud (One-Time Passwords)

Learning The Basics Of Online Scams

Scam Basics – A SCARS Insight

OTP-based fraud is a type of cybercrime where criminals trick victims into revealing their One-Time Password (OTP) codes. OTP codes are short, randomly generated codes that are used to authenticate users during online transactions. They are typically sent to a victim’s mobile phone via SMS or email.

There are a number of ways that criminals can trick victims into revealing their OTP codes. One common method is to send phishing emails that appear to be from legitimate companies. The emails will often contain a link that, when clicked, will take the victim to a fake website that looks like the real website of the company. Once the victim enters their OTP code on the fake website, the criminals can use it to access their account.

Another common method is to call victims and pose as customer service representatives from their bank or other financial institution. The criminals will often claim that there is a problem with the victim’s account and that they need the victim’s OTP code to resolve the issue. Once the victim provides the OTP code, the criminals can use it to access the victim’s account.

There are a number of things that victims can do to recognize and avoid OTP-based fraud. These include:

Be suspicious of any emails or phone calls that ask for your OTP code. Legitimate companies will never ask for your OTP code over the phone or in an email.
Never click on links in emails or text messages that you are not expecting. These links may take you to a fake website that looks like the real website of a company.
Be careful about providing your personal information over the phone. Only provide your personal information to companies that you trust.
Keep your OTP codes safe. Do not write them down or store them on your computer.
Enable two-factor authentication for your online accounts. This will add an extra layer of security to your accounts and make it more difficult for criminals to access them.

By following these tips, you can help protect yourself from OTP-based fraud.

Here are some additional tips to help you avoid OTP-based fraud:

Keep your mobile phone’s security settings up to date. This includes enabling a PIN or pattern lock, as well as two-factor authentication.
Be aware of the risks of SIM swapping. This is a type of fraud where criminals trick your mobile phone carrier into transferring your SIM card to a new device. This gives them access to your phone number and SMS messages, including your OTP codes.
Use a secure password manager to store your passwords. This will help you keep your passwords safe and secure.
Be careful about what information you share online. Criminals can use information that you share online, such as your date of birth or home address, to target you with fraud attempts.

By following these tips, you can help protect yourself from OTP-based fraud and other online scams.

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OTP-Based Fraud – Scam Basics