Have you received a one-time password (OTP) from an unknown number on your phone? These days, there have been many complaints, and people say they have received text messages asking for confidential information.

These are simply scams. Banks and other financial institutions such as e-wallet companies often warn customers of these frauds because they never ask customers to share CVV, OTP, or any other bank details. They also asked not to use mobile KYC as an excuse to disclose personal details to anyone, and to keep updated mobile phone numbers with the bank to obtain SMS reminders of all transactions.

When someone leaks personal information, scammers will wait for this moment, and that’s when they steal hard-earned money. They have also upgraded themselves with new tools and technologies to deceive innocent citizens, and now they have brought something called SMS deception.

SMS spoofing is basically the process of changing sender information in SMS text, which allows one person to impersonate another. Imagine that the user’s name and mobile phone number are changed to make it a different person.

In banking, fraudsters will change the sender ID to make the text messages appear to be legitimate and authentic from the bank.

The whole fraud process occurs in a way that the fraudster will send a text message to someone and further request that it be forwarded to a specific number in the bank’s registered mobile phone number. If you do what he says, the crook will easily associate/register your mobile number with UPI on his smartphone.

Then, he will call you immediately and ask for your bank account details, such as debit card number, ATM card password, debit card expiration date and OTP (if required). This information will further allow him to make a mobile banking personal identification number or MPIN for your account registered on his device. This MPIN will then be used to verify transactions from the bank account.

In special circumstances, the fraudster will send a “receipt request” to your UPI ID and ask you to approve the request. If you follow the request, you will eventually lose your hard-earned money.

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