Instances of scams and fraudulent activities with regards to banking are on the rise these days. Social media is flooded with customer complaints and the other day, I too was targeted by one such scheme. Although this has never happened before, I recently received a message from the official number of an online payment platform. It contained an OTP for a transaction. 

At first, I ignored the message but shortly afterwards I received a call. The caller had a strange story about how he had sent money by mistake to the wrong number and would be obliged if I could send it back. I was intrigued because, at the end of the message which contained the OTP, it was clearly stated that I should not share the OTP with anyone else. I called the respective bank’s helpline and they said I had done the right thing. They instructed me to ignore the caller and messages as this is a common scam these days.

Digital banking platforms are encrypted with multiple security protocols to ensure the safety of accounts as well as all transactions. Scams occur usually when people fall for fraudulent tactics. It is important to know that a financial institution will never call its customers to obtain any personal data or ask for information like OTPs, PIN-codes etc. Banks, financial institutions are playing their role in minimizing the risk of such fraudulent activities. However, we also have to stay vigilant as this is the only way of protecting ourselves from such scams.