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Beware of Scammers

A scam currently doing the rounds involves crooks calling you up pretending to the bank and getting you to willingly provide them with one time pin (OTP) codes.

The recent release of personal information onto the internet from Credit Bureau Experian has brought the issue of scammers back into the spotlight. At the moment a scam doing the rounds involves people calling you up pretending to be the bank’s anti-fraud department.

Step 1

Gain Trust

To gain your trust the scammers use the information they have about you to pretend to be the bank and to pretend to know everything about you. They may share your ID number and account number details with you to show they know who you are. This helps you relax and feel that you are dealing with your bank, who you know and trust.

Step 2

Tell you that you have been a victim of fraud.

When someone calls you up and tells you that you have been a victim of fraud that scares you. The very nature of such a call sends signals to your brain that you should be worried and the scammers play off this. They simply tell you that they are the ones who can help you prevent more fraud.

Obviously, you do not want to be a victim of fraud so you will be quick to try work with the people who you now think are the bank to stop any more money being taken from you.

Step 3

Get you to give them your OTP

The next step the scammers take is to load up a payment (or payments) on your account and then they simply ask you to give them the one time pin the bank SMS you.

In reality, however, they are using the very code you give them to steal from you.

They tell you that they are the ones sending you the code now. They tell you they need the OTP to stop the fraudulent transaction(s). In reality, however, they are using the very code you give them to steal from you.

Beware

In messages being shared by official channels from various banks about such scams they warn that their agents will not ask for OTP to be disclosed. Please keep this in mind if someone contacts you from your bank saying that you have been a victim of fraud.

‘end the call and contact the official fraud prevention number as shown on the bank’s website’

One option you have is to end the call and contact the official fraud prevention number as shown on the bank’s website or social media. That way you can be sure that you are dealing with the right people.