UNMASKING THE TACTICS: HOW SCAMMERS OUTWIT OTPS AND DRAIN BANK ACCOUNTS

In today’s digital age, bank scams are becoming increasingly sophisticated, allowing scammers to bypass one of the fundamental security measures: One-Time Passwords (OTPs).

- KHUSHBU JAIN

Scammers employ various techniques - including SIM swapping, phishing, and malware, to gain access to your phone number, intercept OTPs or even trick you into revealing these critical codes through deceitful means.

SIM SWAPPING: A DEVIOUS TAKEOVER

One method scammers use to sidestep OTPs is known as SIM swapping. This intricate scheme involves several steps, starting with gathering personal information about the victim. Scammers use online research or data breaches to compile details like your name, phone number and more. Armed with this data, they contact your mobile service provider.

During this call, the scammer often impersonates you, claiming they’ve lost their SIM card. Armed with the personal information they’ve collected, they can respond to security questions with alarming accuracy. If the mobile provider falls for this ruse, they deactivate your SIM card and activate a new one in the scammer’s possession. This transfers control of your phone number to the scammer.