Every other day, people are becoming cautious to prevent themselves from falling victim to cyber frauds, cyber criminals invent something new to loot them.
One of the latest scams on the rise involves bank account hacking without OTP, where scammers trick victims into revealing their OTPs through sophisticated call merging techniques.
This type of fraud has been growing, targeting individuals who rely on mobile banking and digital transactions.
In this article, we will break down how this scam works, the red flags to watch out for, and how to protect yourself from falling victim to such financial fraud.
How Bank Accounts are Hacked
There are two ways by which banks share OTP with users, one is via text message and the other is though call. People with time are now aware that to protect themselves from getting scammed they need to be more alert while sharing OTP received on their phone.
Hence hackers and scammers have found a new way of merging calls to get OTP that the user receives via call.
Let’s get into the detail to uncover the modus operandi of the scam.
1. The Call Merge Scam
One of the most alarming tactics used by fraudsters today is the call merge scam. They execute it in one of the two ways discussed below:
Method 1
- A scammer poses as a bank official and calls the victim, claiming there is an issue with their account, credit card, or UPI transactions.
- Meanwhile, another scammer calls the victim’s bank’s official customer care number, pretending to be the victim.
- The scammer then merges both calls, tricking the victim into believing they are speaking to a real bank representative.
- During the conversation, the fraudster convinces the victim to share their OTP, citing security verification or urgent account-related action.
- Once the OTP is revealed, they immediately initiate unauthorized transactions, emptying the victim’s account.
Method 2
- In another method, a fraudster calls a person and pretends to be a known contact. He then invites that person to be part of one event arranged by a well-known personality.
- At the same time, the victim receives another call from an unknown number.
- The fraudster claims that another call is from a VIP number and requests the victim to merge the call.
- Once merged, the fraudster listens to the number (OTP) received.
- This allows them to hack the account and steal money.
Red Flags to Watch Out For
Like any other scam, this scam also gives many red indications. It only requires a victim to identify them.
- Unexpected Calls from “Bank Representatives”
- No bank official will ever ask for your OTP, PIN, or CVV.
- Be cautious of calls claiming urgent account issues.
- Call Merge Requests
- If a caller requests you to merge a call, disconnect immediately.
- Banks never ask customers to participate in conference calls.
- Strange SMS or Emails Asking for OTP Confirmation
- If you receive an OTP without requesting one, do not share it.
- Report such messages to your bank immediately.
What to Do If You Fall Victim to This Scam?
In case you fail to identify such a scam and fall victim to the same, then here are the ways to report and recover lost capital.
- Immediately Call Your Bank and Block Transactions
- Learn the ways how to report online fraud in India and take quick action.
- Change All Your Online Banking Credentials
Conclusion
Bank account hacking scams are becoming increasingly sophisticated, especially those involving OTP manipulation through merged calls.
Staying alert, recognizing red flags, and following best security practices can help prevent financial fraud. Remember, your OTP is your last line of defense—never share it with anyone.
