SCARS Institute’s Encyclopedia of Scams™ Published Continuously for 25 Years
OTP-Based Fraud – A Tactic Used By Scammers To Take Over Financial, Email, and Social Media Accounts
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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A Note About Labeling!
We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.
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