Protect Your OTP: How to Stay Safe from the Latest Call Merging Scam
Protect Your OTP: How to Stay Safe from the Latest Call Merging Scam
The National Payments Corporation of India (NPCI) has issued a caution regarding a new scam involving call merging that tricks users into sharing their One-Time Passwords (OTPs), enabling scammers to steal their funds.
The NPCI, known for creating the Unified Payments Interface (UPI), posted on its X account, warning, “Scammers are using call merging to deceive you into revealing OTPs. Stay vigilant and safeguard your money!”
So, how does this scam operate?
Scammers initiate a call to the victim, claiming they got the person’s number from a mutual friend. They then say that the “friend” is trying to call from another line and ask to merge the calls. When the calls are combined, the victim inadvertently connects with a legitimate OTP verification call from their bank.
The scammers execute this process perfectly, leading the victim to share the OTP without realizing they are being scammed. Once the OTP is provided, the fraudsters quickly finalize the transaction, resulting in the victim losing their money.
To help individuals safeguard their finances, UPI shared several important tips on their X account to avoid falling victim to fraud.
– Avoid merging calls with unfamiliar numbers: Always be wary if someone asks you to merge calls, particularly if you don’t recognize the number.
– Confirm the caller’s identity: If someone claims to represent your bank or a known contact, make sure to verify who they are before proceeding with any requests.
– Report any suspicious OTPs: If you receive an OTP for a transaction that you did not initiate, report it immediately to 1930, the national cyber crime cell, to notify your bank and take appropriate measures against the fraudulent activity.
So additional tips:
- Use two-factor authentication: Enable two-factor authentication on your banking apps and accounts for an extra layer of security.
- Keep your personal information private: Avoid sharing sensitive information like your bank details or OTPs over the phone or online, especially with unknown sources.
- Regularly monitor your bank statements: Keep an eye on your bank transactions to quickly identify any unauthorized activities.
- Educate yourself about common scams: Stay informed about the latest scams and tactics used by fraudsters to better protect yourself.
By following these precautions, you can significantly reduce your risk of falling victim to scams and protect your financial assets.
Last month, a survey came out revealing that over one-third of people in India have been caught up in scams involving real-time payments. A report from global analytics company FICO highlighted the increasing threat of these scams in the country. It turned out that 60 percent of respondents had received scam messages, while 54 percent knew someone—be it friends or family—who had been scammed. Although fewer consumers reported losses in 2024 compared to 2023, the total value of losses exceeding Rs 8 lakh actually doubled, going from 2 percent to 4 percent.
