Never share your Bank OTP with anyone. It is your one-time password sent to your bank registered mobile number to authorize the online transaction.
Today many cases of online fraud are coming out, especially OTP related fraud. Many people have already become victims of this fraud by sharing their OTP and have lost their bank account money.
When you transfer money online using net banking or mobile banking, you will receive OTP on your bank registered mobile number, once, you enter this OTP money gets debited from your account and sent to the beneficiary account. Similarly, when you pay online for shopping, fees, etc using your ATM/Debit card, credit card or net banking, you will receive an OTP on your registered mobile number to authorize this transaction, once you enter this OTP, the money got debited from your account.
If you receive any call and the person is asking OTP then never share your OTP with that person because he is a fraud, he will steal your money if you share your OTP with him/her. So whenever you receive a call and the caller asks about OTP then disconnect your call, block it. You can also complain about this fraud call to the cyber cell.
How OTP Works for Bank Online Transaction
When you transfer money online using net banking and mobile banking or any other online banking channels, you will receive One Time Password (OTP) to authorize this transaction. After entering this OTP, the amount will be debited from your bank account and transferred to the receiver account.
This OTP will be sent to your bank registered mobile number.
You will also receive this OTP when you pay online for shopping or any other services using Debit/ATM card, Credit card, and net banking. After entering this OTP, the amount will be debited from your account and your transaction will be successful.
How To Protect Your Bank Account from OTP fraud?
The answer is simple, never share your OTP with anyone. The bank will never ask you about your card details, CVV, PIN, and OTP. So whenever you get a call from an unknown number and asking you about your bank account details, net banking, and mobile baking password and user ID or OTP then disconnect call immediately and block that number.
The caller will try to convince you in many ways, but you don’t have to fall into the trap of his words. Just disconnect the call and block it.
One more thing, never share your bank account details like account number, registered mobile number, ATM card details online on social media, websites, or any online public platform.
Remember one thing always, OTP is your password so never share it with anyone. Bank Never ask you about OTP, Card details, or any other banking details. Never respond to unknown numbers who asking your bank details, OTP, card details, and PIN.
