Traditionally, One Time Passwords (OTPs) have been a safeguard against unauthorised online transactions. However, cybercriminals are devising new methods to steal money, bypassing even OTP security. This scam involves phishing, where you receive a seemingly legitimate message, often disguised as a bank notification. Clicking a malicious link within the message can compromise your account, allowing fraudsters to steal your money without an OTP.
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How to Keep Yourself Safe from Scam
It’s critical to take a proactive stance in order to protect against potential fraud and scams. Take caution when clicking; even if an email looks to be from your bank, never click on links within dubious communications. Rather, confirm the sender’s details; banks usually don’t make contact via links in communications that can be clicked. Use recognised, official lines of communication to get in direct contact with your bank if you have any doubts about the legitimacy of a message.
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Use multi-factor authentication and strong passwords as additional precautions. Make sure each of your accounts has a unique, strong password in order to provide more security on top of password security. Whenever practical, activate multi-factor authentication. Lastly, report any suspicious behaviour to your bank right away in order to stop possible security breaches and safeguard your financial information. Do this if you receive a suspicious message or detect any fraudulent activity.
Cybercrime becoming Advanced
More advanced Android Application Package (APK) software and Remote Access Trojans (RAT) are also being used by cybercriminals to deceive people. This fraudulent activity shows how advanced cybercrime is becoming and how criminals are always coming up with new ways to trick and steal from people. The significant financial harm that these frauds may inflict is demonstrated by the reported loss of over Rs 40 lakh in the Bengaluru Rural district alone, underscoring the pressing need for more awareness and preventative actions.
You may greatly reduce your chance of being a victim of these scams by being cautious and according to safety procedures. It’s critical to exercise caution, stay away from suspicious connections, and double-check the reliability of communications—especially those that seem to be from banks or other financial institutions.