What is an OTP scam? Read here how to avoid this fraud

Due to the increase in Cyber Crime, businessmen have become more alert and conscious about the data of customers. E-commerce companies like Flipkart and Amazon have introduced the Time Password or OTP (delivery) process to guarantee more secure delivery to customers. However, fraudsters and scammers have taken advantage of this protection and stolen money from customers' bank accounts. Recently reports of fraud delivery executives collecting OTPs from customers have appeared in newspapers, online and electronic media. Today we will talk about some measures to avoid fake delivery executives who do fraud with OTP.

How to stop Fake OTP scam?

Avoid sharing OTP: Do not share OTP with anyone. You are tricked into providing OTP to fraudsters through phone/text/email. Fraudsters will try to lure you in by making false promises of assisting with transactions or providing better services, and if successful, they will trick you into making illegal transactions or even committing identity theft.

Verification : Always verify the person who is asking for any type of OTP. Customers verify transactions using a secure code sent by text or email.

Delivery : Customers must make sure to open the delivery package before paying the money and confirming the delivery.

Trust: Do not trust links or websites that ask for any kind of personal information. To avoid scanning the QR code on Pay on Delivery, try to pay online through trusted platforms. According to a report by the Federal Bureau of Investigation's Internet Crime Complaint Center, a record 8,47,376 complaints were received in 2021, amounting to $6. billion in potential losses.

What is OTP?

A One-Time Password, abbreviated as OTP, is an automatically generated numeric or alphanumeric string of characters that authenticates users for transactions or logins. In other words, an OTP is a password that is valid for only one login session or transaction on a computer system or other digital device. (The India Print)