By Priyanka Sambhav
OTP- One-time password is the random set of numbers that come to you every time you swipe your card for an online transaction. These 4 or 6 digit code is the most critical factor in ensuring the security of your financial transaction. You must safeguard this digit code to protect your account from unauthorized transactions. Online banking fraud has been on the rise, and there have been many instances of OTP theft wherein people have lost lakhs of money.
The OTP is a random set of numbers assigned by your bank that remains valid only for a specified period from 60seconds to 10 minutes and just for a single transaction. This is a way that bank assures that transaction is being made by the account holder only. OTP is sent on the registered mobile number of the customer to authenticate the entire process of payment.
Here are some tips to keep your OTP safe:
1) Refrain sharing your OTP: Treat your OTP as a secret to the grave. Nobody ever can know your OTP. While you are paying your restaurant bill or online shopping for your mate, your OTP shall remain highly confidential given no matter what the circumstances are. Your one mistake can empty the whole account.
2) Don’t click on any links: These days, it is challenging to keep a track on what is real and what is fake. There are so many websites, online links which are fake, they make you fall in the trap, ask for your One time password and boom your account balance zero. Think twice while you enter any specific information on any links online. Make sure, your details are safe, and the link is authentic.
3) Be suspicious about your bank asking your details: In the most recent cases of fraud, people have received a phone call or a text in the name of their banks asking for personal information like phone number, name, email ID, address and then eventually OTP. Always remember a bank will never ask you to read out your card number or your personal detail over a call. This is nothing but a fake call to trap you, instead of sharing your details, please confirm your banks’ official customer service representative or ask for their support. Clarify with them twice before giving any information.
4) Never share your OTP verbally- Make this a rule not to share your One time password verbally ever. The minute anyone even the most friendly and sweet voice on the other side of the phone asks you to tell your OTP you should know that this is an attempt to get hold of your account. You will be tricked on the pretext of transferring some funds or issuing an insurance policy so be careful and keep reminding yourself that no matter what you are never to speak out your OTP.
