Bank OTP bypass scam

The increasing prevalence of one-time password (OTP) bypass scams in digital banking poses significant security risks to users' financial information and assets. Scammers employ various techniques to exploit SMS, email, and unsolicited calls to gain unauthorized access to users' bank accounts. However, users can take proactive measures to protect themselves from these scams.

In the OTP bypass scam, scammers can bypass the OTP authentication process to gain access to an individual’s online accounts, including bank accounts, email accounts, and social media accounts. It poses a significant threat to the financial security of digital banking users. Scammers are employing increasingly sophisticated techniques to bypass OTP authentication and gain unauthorized access to users' bank accounts.

Some of the common methods used in OTP bypass scams:

# Phishing: Scammers send fraudulent emails or text messages that appear to be from legitimate banks or financial institutions. These messages often contain links that redirect users to fake websites that mimic the look and feel of the real bank's website.

# SIM Swap Fraud: Scammers manage to get a new SIM card issued for the victim's phone number, effectively taking control of the victim's phone number and receiving any OTPs sent to it. This allows them to bypass OTP authentication and access the victim's bank account.

# Malware: Scammers trick users into downloading malware onto their devices. This malware can intercept and steal OTPs, allowing scammers to access the user's bank account without the user's knowledge.

# Social Engineering: Scammers may call users impersonating bank officials or customer service representatives. They try to gain the user's trust and convince them to share their OTP or other sensitive information.

With these users should also maintain an up-to-date versions of their banking apps to benefit from enhanced security features, and restrict app downloads to official app stores only. It is also better to safeguard your smartphone by frequently updating its operating system and applications to ensure the latest security patches. Install reliable mobile security apps and only download

applications from official app stores to mitigate the risk of installing malicious software.

One should stay up-to-date with the latest cybersecurity threats as well as scams that are reported in news, and be aware of bank's latest security guidelines and updates on their official website. Users should enable Two-Factor Authentication whenever possible for their banking accounts. This added layer of protection requires an extra password, which is something that only you know about, like a PIN or password, and a one-time password.

By following these precautions and staying vigilant, you can significantly reduce your risk of falling victim to OTP bypass scams and protect your financial security in the digital age.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA