Beware, cybercrooks can steal your money without OTP too (2024)

FAQs

Can someone take my money without OTP? ›

We all think that without One Time Passwords (OTPs), money cannot be transferred, but now cyber fraudsters can take the money away from your account without an OTP too. This is how the scam works. You are sent a message that looks to have bee forwarded from a bank.

The Real Risks of a Stolen Bank Account Number. With your bank account number, thieves can commit ACH fraud to withdraw your money, create fraudulent checks, make unauthorized purchases on sites like Amazon, and even set up "Buy Now, Pay Later" services like Affirm or Afterpay.

Certain payment gateways, like Google Pay or Visa Safe Click, offer the option of making transactions without requiring an OTP under specific conditions. To use this feature, you'll typically need to have a verified account with the payment gateway and have opted into OTP-less transactions.

OTP is required for all online credit card transactions and some physical transactions where the sum exceeds a particular amount.

In an OTP fraud, scammers fool people into sharing their One Time Passwords, which are sent to them for authentication of online transactions or logins. Fraudsters pose as bank officials, customer service agents, and make up stories, like updating bank details to trick victims into revealing their OTPs.

They Ask for Money

If someone is asking you for money, you're talking to a romance scammer. The only people that will ask for money from an online relationship are scammers. There is no other person that will ask for money for something if they are dating someone online.

Unsolicited offers: Don't respond to unsolicited cold calls, emails, junk mail, late-night commercials or infomercials, or social media posts that are either overly attractive or fear-inducing. These are all common tactics scammers use to entice you to engage.

One of the most significant warning signs is when the person starts asking for money. Scammers often come up with various reasons, such as emergencies, medical expenses, or travel costs.

Why is a one-time password safe? The OTP feature prevents some forms of identity theft by making sure that a captured username/password pair cannot be used a second time. Typically the user's login name stays the same, and the one-time password changes with each login.

Amazon Amazon is one of the most popular websites to buy gift cards online with a debit card without OTP. Since Amazon uses a payment option like Google Pay that doesn't require OTP to process your transaction, it becomes very easy to buy gift cards online with debit card without OTP.

Can someone withdraw money without my PIN? ›

If a thief steals someone's ATM or debit card, they can't withdraw funds or make purchases because they don't have the PIN. This fact helps to reduce the potential for fraud.

Unauthorized Direct Debits: If you have provided your bank account details to a company or individual, they may initiate direct debits without your explicit permission. While this practice is illegal, it can occur if the recipient abuses their access to your account information.

If scammers have access to your phone number, they could potentially use it to hack into your online accounts — including your email, social media, and even your bank account.

Your bank account number alone is not enough for someone to withdraw money from your account. Scammers can use your bank account and routing number to commit ACH fraud, make online purchases, deposit money for illegal activities, and create fraudulent checks.