OTP Frauds & Cyber Law
1. What is an OTP?
One Time Password (OTP), is a unique code that is an added security measure for transactions and logins.
It's sent to your registered mobile number and is valid for only a short time. The purpose of an OTP is to verify that it is really you authorising a transaction or logging in.
2. What is an OTP Fraud?
In an OTP fraud, scammers fool people into sharing their One Time Passwords, which are sent to them for authentication of online transactions or logins.
Fraudsters pose as bank officials, customer service agents, and make up stories, like updating bank details to trick victims into revealing their OTPs.
Once they have the OTP, they can access the victim's accounts or make unauthorized transactions.
3. Real Life Story
Mangesh Malap, an electrician from Mumbai, lost Rs 46,500 to OTP fraud. He got a call from someone posing as a bank official, asking to update his debit card.
The caller convinced Mangesh to share his OTP, which led to him losing his life’s savings!
4. Why do Victims not Report?
Victims:
- Feel shame
- Feel hopeless
- Are not aware
5. Our Secret Tips
✅ Never Share OTPs: Banks and good companies never ask for them.
✅ Never Give an OTP for Getting Money: An OTP is never needed to get money, only to send it.
✅ Don’t Trust Unsolicited Calls: especially those asking for financial info.
6. Cyber Law in Action
Section 66C of the Information Technology Act: Identity theft if the scammer uses someone else’s ID to cheat the victim.
Section 66D of the Information Technology Act: Cheating by personation using computer resource.
