The National Payments Corporation of India (NPCI) has issued a warning about a new fraud technique known as call merging, where scammers use this method to steal One-Time Passwords (OTPs) from unsuspecting victims. How the scam works, the potential risks involved, and provides practical tips on how to stay safe from such fraudulent activities.
Understanding Call Merging
Call merging is a technique where a fraudster calls a victim and then merges that call with another call, often from a spoofed number that appears to be a legitimate service provider. This can create confusion for the victim, who may think they are speaking to customer support or a bank representative.
How OTPs are Compromised
During a legitimate transaction, users receive an OTP via SMS or call. In this scam, the fraudster can hear the OTP as it is communicated during the merged call. This allows them to quickly use the stolen OTP to access the victim’s bank accounts or online services, leading to unauthorized transactions.
Risks to Consumers
The primary risk of this scam is financial loss. Victims may not realize they have been scammed until they notice unauthorized transactions. Additionally, the emotional toll of being defrauded can lead to stress and anxiety, compounding the financial impact.
NPCI’s Warning
The NPCI has taken a proactive stance in informing the public about this scam. They stress the need for consumers to be cautious while sharing sensitive information over the phone, especially when it involves OTPs or personal banking details.
Awareness: Your Best Cyber Shield
- Fraud Statistics: Day by Day thier is a rising trend in digital fraud, Fraudsters are increasingly sophisticated in their methods.
- Consumer Awareness: NPCI’s warning emphasizes that education and awareness are key to preventing such scams. They encourage consumers to be skeptical of unsolicited calls asking for sensitive information.
In conclusion
The NPCI’s warning about call merging fraud serves as a crucial reminder for consumers to remain vigilant. Here are some key takeaways:
- Always verify the identity of the caller before sharing any OTP or personal information.
- Be cautious of any calls that require immediate action regarding financial transactions.
- Consider using additional security measures, such as two-factor authentication, for online accounts.
- Stay informed about the latest scams and educate others to foster a community of awareness.
By following these guidelines, individuals can better protect themselves from falling victim to sophisticated scams like call merging.