Fraud Story #68 - The 80,000 OTP scam!

Thanks to modern technology, it is now possible to complete many tasks online with just a click. People prefer to buy or sell goods online more often than in person. While modern technology has brought some comforts, but there are also some drawbacks. The number of online frauds is on the rise, and fraudsters are getting smarter by the day.

80,000 OTP scam

A Mumbai resident lost Rs.80000/- to a fraudster who asked for his OTP for online transactions. The victim was looking to buy a used SUV online. While surfing the internet, he stumbled upon an advertisement for an SUV posted by a fraudster pretending to be a CRPF officer. When the victim contacted the fraudster and requested some identification proof, the fraudster sent him some photographs of him in uniform as well as an identity car to gain his trust. Instead of paying him the money, the fraudster requested Rs100/- from the victim to be sent to his Paytm account. He agreed to this and paid him Rs.100/-. After a while, he called the victim and asked him to share the OTP for the transaction stating that a mistake had occurred during the transfer. Immediately after the OTP was shared, Rs.80000/- was deducted from his bank account.

Here are a few tips for staying safe online.

1.Make sure you do some research before making a purchase on an unknown website.

2.Please do not deal with people who ask for personal information, money in advance, or bank details.

3.Fraudsters use fake identification to gain trust. Keep a check on such attempts.

4.Using digital escrow platforms as a payment method is preferred. When you pay through an Escrow payment system over the internet, you are not sharing your information with strangers. One such platform for escrow is Vouch.

What is digital escrow?

Digital Escrow is the use of a third party account, during a transaction, which holds the money deposited by the buyer until the seller fulfills the terms of the agreement. The transacting parties are supervised by the escrow company.

How does Digital Escrow save you from online frauds in India?

Vouch’s Digital Escrow service is transparent for buyers and sellers to build trust and secure a clean transfer of product and payment. Buyers can feel assured that they will be fairly compensated promptly, and buyers will feel confident that their order will be delivered as expected and on schedule. If you ever come across a fraudster asking for OTP, asking you to scan a QR code, or asking you to click on phishing links, you can simply say no and ask him/her to proceed with the transaction through Vouch.

Vouch Digital Escrow uses a non-interest-bearing escrow account for all transactions in India and keeps you updated and informed at every step of the transaction process till the end. Vouch’s professionals are always available to assist you with all queries that you may have during the entire transaction process. There is no scope for deceit or fraud since the payments, shipping, delivery, and execution are carried out under the honest and watchful eyes of the Vouch’s professionals. With Vouch, any business transaction becomes transparent, uncomplicated, and hassle-free.

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This is Fraud Story #68. Check back here for more fraud stories and scams that you can protect yourself from.

Safety is not just about protecting your credit or debit card number. It's about having control of your money till you've received the product or service you bought online!