OTP fraud: How govt, SBI Card, telcos are joining hands to fight the menace

Have you been a victim of OTP frauds? Worry no more. The Home Ministry, SBI Cards and Payment Services Ltd (SBI Card), and telecom operators are joining forces to combat the rising issue of OTP theft and the broader threat of cyber fraud targeting the banking sector, according to a report by ET.

What is the modus operandi of OTP fraud?

According to International Safety Equipment Association (ISEA), OTP fraud exploits the security feature designed to protect online transactions — One Time Passwords (OTPs). Here’s how fraudsters operate: