SBI OTP fraud: Learn how to avoid falling for the scam and losing your money.

With the increased use of technology in financial transactions, there has been a significant increase in the number of cybercrimes occurring around the world. As a result, banks routinely inform their consumers about best procedures to follow when dealing online. Banks frequently advise clients not to share One-Time Passwords (OTPs) or click on suspicious websites that could be part of a scam. Chinese hackers are targeting SBI bank clients in one such fraud.

According to a research by CyberPeace Foundation and Autobot Infosec, hackers are targeting SBI clients in the guise of KYC verification. As part of the scam, hackers will initially send an SMS or WhatsApp message to consumers requesting them to update their KYC by clicking on a link in the message.

Customers are prompted to update their KYC information after clicking on the fraudulent sites. Separately, you will receive an email from the hackers regarding the same. The URL takes you to a page that looks identical to the real SBI website.

However, if you look closely, you will notice that the URL is different from the original. The original SBI website is shown here.

Customers are requested to enter their SBI banking details, such as username, password, and captcha information, among other things, on the fake website. The bank will send you an OTP when you enter your information.

Scammers can transfer money from your account using your credentials and OTP. As a result, it is strongly advised that you never fall victim to any KYC-related scam.

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