Citizen reporter
2 minute read
7 Apr 2021
2:01 pm

Victim loses R70K in One Time Password scam

Citizen reporter

In the cases that have been reported, the caller will identify himself as an individual working in the bank's fraud division.

Picture: iStock/ipopba

The police have warned the public against a new One Time Password scam, which has already seen one victim losing R70,000.

“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,” said Captain Mali Govender.

In the cases that have been reported, the caller will identify himself as an individual working in the bank’s fraud division.

“He states that a transaction has taken place on the victim’s account. The suspect has all personal particulars and profile of the victim, including details of bank accounts, linked accounts beneficiaries etc,” Govender said.

“The suspect then states that a transaction has appeared on an account which appears suspicious and inquires 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.

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“Once the victim has logged onto their banking app, the suspect tells the victim to supply an OTP 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,” Govender said.

How to avoid being scammed:

  • Police have warned the public against responding and supplying an OTP. “This is when the suspect has full control of your account.”
  • Do not respond to these calls. Cut the call immediately and contact your bank on its toll free number if you are uncertain. You can check your account privately.
  • Do not give any OTP over the phone to any individual. Your bank will not ask you for your passwords or an OTP.

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“Should you be caught in a scam such as this, the bank will not be able to assist you in recovering your loss, as you have furnished your OTP to the suspect and allowed permission to the suspect to transact on your account,” said Govender.

Compiled by Vhahangwele Nemakonde

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