Beware Now from OTP Frauds. Take care before giving any access to SMSes while installing any App.
It is now understood about existence of a new form of OTP theft and even it is understood that many IT employees have also become its victims.
In OTP thefts, victims are either conned into giving away their OTPs or a malware — a software designed to corrupt or gain access to a system — is used to get the SMSes with the OTPs. The fraudsters having access to the OTPs, then are able to transfer money from the victims’ accounts to their own accounts.
The OTP theft involves a person calling pretending to be a bank employee advising to update or renew credit/debit cards of those receiving the calls. The unsuspecting victim provides the card number and CVV thinking that any person would still be requiring the OTP to carry out any transaction. The fraudsters then says the victim will receive an SMS, which would have to be sent back to the sender.
Such SMSes received on the victim mobiles apparently, are in encrypted form and hence cannot be decoded. However, these SMSes are likely to have links and if these links are clicked by the victim, the incoming SMS into the phone is automatically forwarded to the fraudsters phone, who could then carry out funds transfer — using the OTP from the victim’s account. Another threat is from the App Developers as many apps do ask for access to SMSes and therefore we need to be very careful before giving the access to the Apps for SMSes. more
In OTP thefts, victims are either conned into giving away their OTPs or a malware — a software designed to corrupt or gain access to a system — is used to get the SMSes with the OTPs. The fraudsters having access to the OTPs, then are able to transfer money from the victims’ accounts to their own accounts.
The OTP theft involves a person calling pretending to be a bank employee advising to update or renew credit/debit cards of those receiving the calls. The unsuspecting victim provides the card number and CVV thinking that any person would still be requiring the OTP to carry out any transaction. The fraudsters then says the victim will receive an SMS, which would have to be sent back to the sender.
Such SMSes received on the victim mobiles apparently, are in encrypted form and hence cannot be decoded. However, these SMSes are likely to have links and if these links are clicked by the victim, the incoming SMS into the phone is automatically forwarded to the fraudsters phone, who could then carry out funds transfer — using the OTP from the victim’s account. Another threat is from the App Developers as many apps do ask for access to SMSes and therefore we need to be very careful before giving the access to the Apps for SMSes. more
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Sorry & Wiser to hear about such frauds. There are reports on how to take care while using ATM Machines (cancel the transaction once after swiping, prior to engaging the second or third time) so that there is no Artificial Eye watching. Similarly, what precautions we must take for on-line? Can we pool together such ideas, so that they can be posted on line for the benefit of all. A nagging doubt - will the cleverer 'hackers' be going one step or two steps beyond this also. GM and have a great month of February ahead!! more
Feb 01
