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New wave of bank scams bypass OTPs: Tips to stay safe
Swindling of 1 lakh from MP Dayanidhi Maran’s bank account last week has thrown focus on how fraudsters can now circumvent the one-time password (OTP) and other security layers to commit digital banking frauds.
Author: TOI
Published: October 15, 2023
Chennai: Swindling of 1 lakh from MP Dayanidhi Maran’s bank account last week has thrown focus on how fraudsters can now circumvent the one-time password (OTP) and other security layers to commit digital banking frauds.
CHENNAI: Swindling of 1 lakh from MPMaran’s bank account last week has thrown focus on how fraudsters can now circumvent the one-time password (OTP) and other security layers to commit digital banking frauds.
Cybersecurity experts TOI spoke note that malicious apps can now take over one’s phone and process and delete OTPs before the user sees them. This, combined with a hack of the bank’s servers to gain account holder personal data, makes it possible for frauds to occur in a few minutes.
Earlier this week, Dayanidhi Maran took to X (formerly Twitter) to highlight that Rs 99,999 was debited from his Axis Bank savings account through a net banking transfer. He mentioned that an OTP was neither generated nor received on his linked mobile number, instead a call was made to the account’s joint holder – his wife.
“OTP is nothing but a server asking for our permission, and we provide it. There are ways by which a server can be cheated to think that whatever it has asked has been received.
So the banks should secure their servers,” said Na Vijayashankar, cyber crime prevention expert.