OTP frauds: Government has a ‘safety tip’ for mobile users

India is facing a growing wave of financial fraud, according to a recent data by Reserve Bank of India (RBI). Even with various safeguards in place, scammers continue to trick individuals into revealing personal information, leading to substantial financial losses. Among the rising threats, One-Time Password (OTP) scams have become particularly prevalent.In order to help citizens not fall for such scams and curb financial losses, the government's cyber agency Cert-In has provided a ‘safety tip’ for all mobile users and prepared a list of ‘best practices’.

Fraudsters employ increasingly sophisticated tactics to deceive unsuspecting individuals and gain unauthorised access to their bank accounts, digital wallets and other sensitive information. These scams often involve impersonating bank officials, e-commerce platforms, or even government agencies to trick victims into revealing their OTPs.

Fraudsters usually send deceptive emails or SMS messages containing links to fake websites or forms that mimic legitimate platforms. Unsuspecting victims enter their personal information, including OTPs, which are then used to gain access to their accounts.
Sometimes scammers use psychological manipulation to build trust and extract OTPs from victims. They may pose as customer service representatives, offer enticing deals, or create a sense of urgency to pressure individuals into divulging their OTPs.
There may be times when fraudsters install malicious software on victims' devices through phishing links or compromised apps. This software can then intercept OTPs sent via SMS or other messaging services.

“Safety tip of the day: Beware of OTP frauds,” Cert-In said in a post on X.

It also shared a list of ‘Best Practices’