One-time password offers a secure mechanism to log into user networks. But scammers are sending fake texts with bogus OTPs to steal personal information.
Digital payments are catching pace, particularly in uncertain times like Covid-19. People have witnessed technological evolutions in the past few years. But the rise of digital acceptance has also led to increased cyber threats. A new kind of financial fraud is catching momentum across nations. In the wake of 790 OTP-based reported scams tricking account holders of more than $13 million, authorities are out to issue urgent warnings.
There have been calls for law enforcement agencies to intervene in various forms. Last month, Cyber-Forensics.net, a cyber forensics service for online scam victims, dealt with hundreds of similar consumer complaints.
A 78-year-old Kansas resident fell victim to a cyber fraudster who posed as a Telecom company executive and sought to privy bank details. According to police, the senior citizen received a message that his phone services would be discontinued if the user failed to verify his documents. The citizen fell prey to the con artist’s gimmick and shared his card details only to receive an OTP. Subsequently, the senior citizen realized he was duped and lost $5676.
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Chief analyst at the firm, Timothy Benson, took a look at the case and said authorities need to…
