You may be reading news one or another day that criminals has stole money online from Bank accounts of innocent public. Let us see, how these criminals do this.
Your Bank accounts is linked with your mobile numbers so on every transactions, banking system send OTPs to your mobile number and as soon as your enter OTP, the transaction completed. One-time password (OTP) is commonly used as two-factor authentication and considered an effective deterrent against criminals trying to steal money from your bank account through online transaction.
If a criminal succeeds anyhow to get your username and password of your online Bank account or credit or debit card number with CVV, he wouldn’t be able to conduction transaction until he gets OTP so for this he may apply following three unethical tricks.
- He may go to your Bank, Impersonating the account holder, he may requested a change in the registered mobile number by filling the prescribed form with fake signature. Once the new mobile number gets registered, he may carry out online transfers from the victim’s account using the OTPs sent to the new phone number
- Another way, criminals approach retailers of Mobile Service Provider and ask for a duplicate SIM by producing fake identity proof. As soon as retailor activates duplicate SIM, the original SIM gets deactivated and the criminal gets OTP on this new duplicate SIM and conduct online transactions.
- Criminals call victims posing as a bank employee, ostensibly to update or renew credit/debit cards of those receiving the calls. The unsuspecting victim provides the card number and CVV. A criminal keep the victim busy in talking and takes the OTP received on victim’s mobile number and immediately conduct online transactions.
Mere thoughtlessness, victims loose his hard earned money, so it is better to be cautious always if you have credit/ debit card and avail online banking either from your mobile phone or laptop.
Many of you may have experienced other methods of stealing money by this criminals, please do share your story in the comments box, to educate other fellow and making them more cautious.
