ATM debit, credit card fraud: Ever heard of OTP theft? Beware of this to save your hard-earned money

ATM, debit, credit card fraud: A new kind of debit and credit card fraud is taking place these days. Ironically, not even a single case has been cracked by the cyber police. When talked about the new kind of theft called 'One Time Password (OTP) Theft' experts say lack of awareness is the major reason for such frauds. They said fraudsters are using a software called 'malware' that helps them hack SMS of bank account holders using debit and credit cards.

When asked on the emerging OTP theft Pavan Duggal, a New Delhi-based cybercrime expert, told Zee Business online, "OTP theft is taking place through malware attack that helps fraudsters to hack the SMS of account holder's mobile phone. It also helps them hack the information available on your laptop as people are used to attaching internet by using their mobile phone. So, the malware attack can help them hack their bank account details too." 

He added that people should use anti-malware software which can be easily found by doing a Google search. Duggal said that many of them are available without any charges.

"To avoid any further OTP theft, a mobile phone user must download anti-malware software on their smartphone, android phone and on their laptop or desktop, whichever they are using," said Duggal, who is President of the cyberlaw.net. 

How fraudsters carry out OTP theft?

In OTP theft cases, it has been found that fraudsters posing as a banker. They call the account holder in the name of regular cross check and updating of the customer's details and while posing as pseudo phone bankers they fish out account holder's name, date of birth, customer ID, debit card number and CVV. After that, they ask the account holder to click on an encrypted link that would come soon as SMS in their mobile phone immediately after the phone call gets disconnected. Once the customer clicks on that link, fraudsters hack into the SMS service of the account holder's mobile phone. Since, they have already gathered information related to your card number, CVV etc., it's quite easy to fish out money from your bank account without your notice.