Top 5 Tips to Avoid OTP Fraud | AU Small Finance Bank
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Tips to keep your OTP safe from online fraud

    One Time Password or OTP is a mandatory code one needs to enter before authenticating any online payment. So, whether you are paying via Credit Card or Debit Card on the web, you will be asked to enter an OTP post which the payment gets approved.

    OTP helps to create a protective layer for your online payments as well as enables banks to keep your account safe from unauthorized access. But recently, OTP frauds have been on the rise as many customers are unaware of the scams and end up becoming a victim of OTP fraud.

    So, let’s take a look at the best practices to avoid OTP fraud.


    Importance of OTP in Banking Transactions

    OTP is a unique security code that can be used only once and is valid only for a few minutes. Every banking and financial institution provides an OTP as an added layer of protection whenever a customer does any online transaction. By sending an OTP to a user, the bank prevents unauthorized access to your account as well as fraudulent activities. It is more secure as compared to account passwords that can be easily hacked by scammers.


    Why is it important to keep your OTP safe?

    It is extremely significant to keep your OTP details to yourself if you do not want to fall prey to fraudulent transactions. In case your OTP gets revealed, the scammer can use the code to gain access to banking details as well as it will become easier for him/her to carry out illegal financial transactions from your account. Therefore, OTP should be kept a secret.


    Tips to keep your OTP safe:

    1. Never share or reveal OTP to anyone

    Whenever you receive an OTP, make sure you do not share it with anyone. It is a highly confidential code. If you reveal the OTP to an unknown person, then your account may be in danger. Even official banking representatives never ask for OTP details.


    2. Login through the bank’s official NetBanking portal

    There are times when you may receive a notification or text saying your account details need to be verified or your account balance is low. Such messages usually contain a link to the NetBanking portal that is actually a fake representation of your bank’s official portal. Once you log in on the fraudulent site and enter the OTP, scammers easily get access to your account details. It is advisable that you should avoid logging into any fake sites. Always visit your bank’s official NetBanking portal for secured transactions.


    3. Avoid downloading any suspicious apps

    Nowadays, there are several counterfeit & fake banking/payment apps available on app stores. These apps are created to steal confidential data from your phone. Some scammers may call you to resolve your banking queries or provide an offer and they may compel you to download an app that enables them to access your smartphone remotely. This way, the fraudsters can get access to OTP and other confidential data stored on your mobile.


    4. Avoid clicking on unverified links

    In this case, you may get a message on your phone containing a link to avail offers or discount on a product/brand. These messages with unsolicited links are sent by fraudsters. They trick you into clicking on the link and the moment you do it; fraudsters get easy access to your banking account and OTP. Avoid clicking on any unverified & suspicious link shared on SMS, WhatsApp or email to protect yourself from OTP frauds.


    5. Contact the bank’s official customer support

    To commit this crime, fraudsters usually post fake customer care numbers online and on social media sites. If anyone calls on a fake number or seeks help through social media, the fraudsters ask the victim to disclose banking details and OTP. Once the scammers get the required details, it becomes easy for them to access your bank account. Thus, make sure you always reach out to the number on the bank’s official website to get your query resolved.


    Key Takeaways:

    • Anyone can be a victim of OTP fraud, unknowingly. Hence, it is advisable that you remember these tips and conduct your transactions in a secure manner.

    • Whenever you suspect any online fraud, make sure that you report it to your bank or financial institution immediately.

    We, at AU Small Finance Bank, always ensure that our customers experience secured banking and transactions using AU 0101 App/NetBanking, AU Video Banking & others. Our digital channels are protected with fingerprint-based login, mobile number authentication through OTP, PIN based app lock & other security measures to provide complete safety.

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