Shocking! Crooks steal money without OTP from bank account in online scam: Report | Tech News

Shocking! Crooks steal money without OTP from bank account in online scam: Report

In a shocking OTP bypass scam, multiple incidents have surfaced where hackers have stolen money from victims through net banking without them ever finding out about it. Know about this scary online bank scam.

| Updated on: Jan 11 2023, 13:23 IST
BEWARE! Here is how NOT to check your PF balance; man loses Rs. 1.23 lakh in scam
Online scam
1/7 In a shocking turn of events, when a man was looking to check his PF balance online, he was caught by fraudsters and lost Rs. 1.23 lakh! (Reuters)
Online scam
2/7 This is how he lost money in this PF balance scam. He was searching for the EPOFO phone number on the Internet, but came across a fake phone number, according to Free Press Journal. He called it and the person there convinced him to download an app that provided the fraudster with remote access to his gadget. He also shared the code for making a payment. Before, the innocent man knew what happened, he had lost the whopping amount of Rs. 1.23 lakh! (Pixabay)
Online scam
3/7 In short, do not check PF balance by searching online and clicking on random links or talking to anyone. Just remember, EPFO will never ask you to make any payment or download any app or even ask you for any payment code or OTP. So, if you want to know how to check PF balance online, we explain it here. (HT_PRINT)
Online scam
4/7 How to check PF balance Via UMANG App - For checking PF Balance via UMANG App, you will first have to download the app and then log in by entering your UAN and OTP (one-time password) to check the PF account balance. (UMANG Twitter)
Online scam
5/7 How to check PF balance Via Text Message – EPFO members whose UANs are registered with EPFO can check their PF balance by sending a text message (SMS) to 7738299899 by typing 'EPFOHO UAN ENG' using your registered mobile number with the UAN (Universal Account Number). It can be noted that the last three digits of the message represents the language in which you want to receive the message. (Pixabay)
Online scam
6/7 How to check PF balance Via Missed Call – Members also have the option of checking the PF balance via call. Registered users can give a missed call to 011-22901406 from their UAN registered mobile number after which they will receive an SMS with details of the PF account balance. (Unsplash)
Online scam
7/7 How to check PF balance Via EPFO website - Visit the EPFO portal and click on the ‘For Employees’ option under the ‘Our Services’ dropdown menu. Click on 'Member Passbook' and enter your UAN and password. Once you do so you will be able to see your passbook. It can be noted that people who have worked in more than one organisation will have different member IDs to choose from. (MINT_PRINT)
Online scam
icon View all Images
Know how hackers are stealing money through net banking without the victim ever realizing it. (Pexels)

Cybercriminals are getting smarter by the minute and are coming up with scary tactics to steal money from innocent people. They are even able to use technology that allows OTP bypass online scams to happen. Just a couple of months ago, a businessman lost almost Rs. 1 Crore after his smartphone got hacked without his knowledge. But now, it seems hackers are directly attacking the online bank accounts of individuals. In a terrifying new online scam, police have found unknown beneficiaries added to net banking accounts of the victims who have mysteriously lost large sums of their money - all without ever receiving an OTP to approve the transaction. It is incredibly important that you know how this new crime is being conducted and that you protect yourself from it.

Hackers use scary tactic to steal money via net banking

According to a report by The Times of India, a scary new cybercrime has come to light in Gujarat. A few victims have complained that their hard-earned money was stolen from bank accounts without them ever finding out about the transaction as not even an OTP from the bank was received by them. Usually, when money is transferred through online banking (except when using an online wallet or UPI), users get an OTP (one time password) text message to confirm the transaction. But this never happened in this case. And it gets scarier.

The reports suggest that in all the cases, the net banking account had unknown beneficiaries added, without them being aware of it. It is strange since users have to get an OTP to accept the beneficiary. But in this case, they were just added without authorisation from the bank account holder.

“As per the complaint, an unknown account got added as a beneficiary in the victim's netbanking account. The victim didn't initially pay attention as he felt there must be some error,” Hardik Makadia, assistant commissioner of police (cybercrime) told TOI.

The authorities also revealed that soon after the addition of the unknown beneficiary, the victims lost huge amounts of money running into lakhs. Police have registered three such cases, which are now under investigation.

Makadia also revealed that they have written to the banks to know whether there is a technical loophole that hackers can use to circumvent the approval procedure for a beneficiary.

This is indeed a terrifying crime since the criminal never even interacts with the victim. Neither does the criminal hack smartphones nor does he try to steal financial information like bank account password.

However, there are things that you can do in order to protect yourself from such crimes.

How to protect your bank account from hackers

  • If you have netbanking enabled, make sure to always check the list of beneficiaries. If you ever find an unknown beneficiary, remove them and quickly contact the bank or police.
  • Always make a habit of removing beneficiaries that you do not use for regular transactions.
  • Never do netbanking on public computers or a cyber cafe. Don't ever use public Wi-Fi either. These are not secure and your password and account details can be stolen.
  • Make sure to change your password every 14 days. Always use a randomized alphanumeric password along with a couple of special characters.
  • Do not write down the password anywhere and instead, try to memorise it.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 11 Jan, 13:00 IST