How Do Fraudsters Exploit One-Time Passwords (OTPs)?

Learn how fraudsters manipulate OTPs for unauthorized access and prevent falling victim.

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Fraudsters use OTPs (One-Time Passwords) by tricking victims into sharing these codes. They often impersonate trusted entities, like banks or service providers, and request the OTP under the guise of verifying identity or securing an account. Once the victim shares the OTP, the fraudsters gain unauthorized access to accounts or complete fraudulent transactions. Never share an OTP with anyone, even if they claim to be from a trusted organization.

FAQs & Answers

  1. What is an OTP and how is it used in online security? An OTP, or One-Time Password, is a security feature used to authenticate a user's identity by providing a unique code that is valid for only one session or transaction. It helps prevent unauthorized access to accounts.
  2. How do fraudsters trick people into giving away their OTP? Fraudsters often impersonate trusted organizations, such as banks or service providers, and deceive victims into sharing their OTP by claiming they need it for account verification or security purposes.
  3. What should I do if I accidentally shared my OTP with someone? If you mistakenly shared your OTP, immediately change your account password and contact your bank or service provider to report the incident and secure your account.
  4. How can I protect myself from OTP fraud? To protect yourself from OTP fraud, never share your OTP with anyone, even if they claim to be from a trusted organization. Always verify the request's legitimacy directly with the institution.