How to prevent yourself from OTP frauds, check tips to save your money

No matter how sophisticated or secure your phone or computer is, highly skilled hackers can still simply breach it. OTPs are the most popular method of phishing. A one-time password, or OTP, is a password that can only be used once to log into a computer system or other digital device. OTPs used to be thought of as a very safe technique for ensuring security, but not any more.

Here are the different methods that con artists can steal your money and how you can avoid being conned:

Ways that scammers/con artists can steal your money are:

• Assume the role of a bank employee to obtain your information.
• They can access your phone by making you click on links.
• Hackers will ask your banks to modify the phone number you registered with them.
• Send a phoney identification proof to the mobile operator and ask for a new sim with the same number.
• They send text messages asking you to open the link which has a certain deadline.

How can you guard against being scammed?

• Never give out your OTP or Pin to anyone.
• Don't answer any calls from unknown numbers.
• Ask specific inquiries of a person claiming to be a bank representative.