Fraudsters use SMS spoofing to defraud people: Here’s how to protect yourself

Have you got a One Time Password (OTP) from an unknown number on your phone? A lot of complaints have been received recently from consumers who claim to have received SMS requesting private information.
These are simply forgeries. Banks and other financial organizations, such as e-wallet firms, have constantly warned customers about these scams, as they never ask for CVV, OTP, or any other banking information. They have also requested that personal information not be disclosed to anyone under the guise of mobile KYC and that mobile numbers be kept up to date with banks in order to receive SMS alerts for all transactions.

In other circumstances, the fraudster will send a ‘Collect request’ to your UPI ID and ask you to authorise it, and if you do, you will eventually lose your hard-earned money.

These are simply forgeries. Banks and other financial organizations, such as e-wallet firms, have constantly warned customers about these scams, as they never ask for CVV, OTP, or any other banking information. They have also requested that personal information not be disclosed to anyone under the guise of mobile KYC and that mobile numbers be kept up to date with banks in order to receive SMS alerts for all transactions.

Scammers wait for this moment when someone divulges personal information before stealing your hard-earned money. They have also improved their tools and strategies for duping unsuspecting folks, and they have now developed something called SMS spoofing.

SMS spoofing is a method in which the sender’s information is modified in the SMS text, allowing one to impersonate another identity. Consider this: a user’s name and phone number are modified so that they appear to be a different individual.

In the banking industry, scammers alter the sender ID to make the SMS appear legitimate and genuine from a bank.

The entire fraud procedure takes place in such a way that the fraudster sends an SMS to a person and then requests that it be sent to a specified number from the bank’s registered mobile phone. If you do as he says, the fraudster would be able to quickly link/register your mobile number with UPI on his smartphone.

Then he will call you right away to request your bank accounts information, such as your debit card number, ATM card PIN, debit card expiration date, and any OTPs that may be required. This information will also enable him to create a Mobile Banking Personal Identification Number, or MPIN, for your account that is registered on his smartphone. This MPIN will subsequently be used to authenticate bank account transactions.

In other circumstances, the fraudster will send a ‘Collect request’ to your UPI ID and ask you to authorise it, and if you do, you will eventually lose your hard-earned money.

Back to top button
Close
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker