After Sharing OTP 28 Times With Fraudster, Woman Duped Of Nearly Rs 7 Lakh

The Logical Indian Crew

June 5th, 2018

Representational Image: Research Protocols

For this 40-year-old Navi Mumbai woman, learning about the world of online banking came at a hefty price of nearly Rs. 7 lakh.

Tasneem Mujjakkar Modak of Nerul learnt it the hard way after she was defrauded of Rs 7 lakh by a fraudster masquerading as a bank official. This comes after Modak shared the One Time Password (OTP) with the pretentious bank official 28 times over a span of a week, reported the Times Of India.


How was the woman duped?

Tasneem, who informed the police that she was alien to the concept of online banking remained unsuspicious of the person who was posing as a bank official.

According to Moneycontrol, the incident took place between May 17 and May 23 of 2018 when Tasneem received a series of calls from a cyber fraudster.

At the time, she had a credit of Rs. 7.20 lakh in her bank account.

Inspector B N Auti told the Times of India that on May 17, Tasneem had received a call from a “banker” who told her that her debit card had been blocked due to technical issues. He then went on to ask for her card details to unblock it.

Modak provided the caller with all the details, which included the 16-digit card number, name on the card and even the 3-digit CVV number which is always supposed to be kept confidential.

Over a week’s time, a total of Rs 6,98,973 was swindled by the fraudster and according to the police, the said transactions were carried out from Kolkata, Mumbai, Noida, Gurugram and Bengaluru.

Additionally, the caller had used three different SIM cards to carry out the fraudulent activities.

The police also said that since she kept deleting deduction messages from her phone’s inbox upon instructions from the caller, the matter only came to light when she went to the bank to get her passbook updated.


The Logical Indian Take

We urge people not to share their OTPs with anybody over the phone. These are the common ways of scamming people. In a similar incident, The Logical Indian has also reported on how a woman was duped after sharing OTP with a telecaller.

In a world where most of our transactions are online, it is crucial for the users to evaluate the risks associated with it. Banks issue specific guidelines about keeping your information secure while making online transactions.

For starters, card details, including that of the name on the card should be kept confidential. This is followed by the CVV number, the Pin and the OTP numbers which are crucial for any online transaction.

 

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