Fraudsters using OTP scam system
While not something I would normally post on Home-Dzine, after being targeted in the OTP scam, I though it best to share so that everyone would be aware.
Fraudster and scammers are continuously using updated technology to acquire access to your bank and money accounts. Having recently been a target of such a scam, I thought I would share this with you so that everyone is aware of what is happening.
While technology has made it easier for us to do banking and buying transactions, it has also opened the door for fraudsters and scammers to obtain our private information, especially if you are not aware of how these criminals work. A new scam has hit South Africa, and it uses the OTP (one time pin) to gain access to your hard-earned cash.
Any private information that is not readily available should never be given to anyone else, this particularly applies to your CVV number on the back of your credit, visa, or other banking cards, and any OTP numbers you receive for purchases.
Only a month or so ago I had a call from someone claiming to be from Standard Bank stating that a scam organisation was trying to access my account and they needed my details in order to make sure access was denied. While I was skeptical, it was when they asked for my CVV number that I realised it was a scam. They had my credit card number and they had my name, but without further details there was nothing they could do.
Now fraudsters are again impersonating Standard Bank officials and are requesting OTP numbers that have been sent to you. Never, ever, give out this information, as there is absolutely no reason why anyone but you should know these details.
What is an OTP?
When processing certain transactions, an OTP is a one-time code or password that is sent to you via SMS and is requested for online banking transactions as an additional level of security. Every OTP issued is valid for only one transaction and is sent to you for your use only.