SAPS warns against OTP fraud

SAPS warns against OTP fraud

1/1

GK CRONJE

6 April 2021

Should you be caught in a scam such as this, the bank will not be able to assist you in recovering your lost funds.

Fraud cases are a crime of concern, as criminals are using another trend to defraud innocent persons of their hard earned savings. In the cases that have been reported thus far, the caller will identify himself as an individual working in the Banks Fraud Division. He states that a transaction has taken place on the victims account. The suspect has all personal particulars and profile of the victim, including details of bank accounts, linked accounts beneficiaries etc.

The suspect then states that a transaction has appeared on an account which appears suspicious, and enquires from the victim if they have approved a transaction for a large amount of cash from their account, furnishing account details and when the victim replies in the negative, the caller informs the victim that he will reverse the charge if the victim can go onto their banking app. Once the victim has logged onto their banking app, the suspect tells the victim to supply One Time Password (OTP) that was sent via SMS to their cell phone, so that the transaction can be reversed. As soon as the OTP is given to the suspect, the suspect starts to transact on the account, increasing limits, adding beneficiaries and making payments and draining the account. Do not respond and do not supply the OTP, as this will grant the suspect full control of your account.

Do not respond to these calls. Cut the call immediately, and contact your bank on their toll free numbers if you are uncertain. You can check your account privately. Do not give any OTP (One Time Password) over the phone to any individual. Your bank will not ask you for your passwords or an OTP. Losses amounting to nearly R70 000 have been reported from one victim alone. Should you be caught in a scam such as this, the bank will not be able to assist you in recovering your lost funds, as you have furnished your One Time Password (OTP) to the suspect and allowed permission to the suspect to transact on your account.

COPYRIGHT 2021 | ALL RIGHTS RESERVED