Cyber Crime: Beware! Call-Based Scamming on the Rise, Your Bank Account Can Get Empty Even Without OTP, Check How to Stay Safe

Cyber crime is becoming increasingly sophisticated, with new fraud tactics emerging every day. One of the latest scams targeting unsuspecting victims is a call-based fraud that can drain your bank account without requiring any OTP or suspicious links. Let’s take a closer look at how this scam works and more importantly, how to stay safe.

The New Call-Based Fraud - How Cyber Criminals Target You

This new cyber crime relies on the age-old tactic of gaining your trust over the phone. Cyber criminals are now using phone calls to manipulate individuals into handing over access to their bank accounts without them even realising it. What makes this scam particularly dangerous is that it doesn’t involve traditional methods like phishing links or OTPs, making it harder to detect and more challenging to defend against.

The fraudsters behind this cyber crime identify potential targets by monitoring their social media profiles. People who post about birthdays, anniversaries, or family celebrations are prime candidates. The scammers carefully note the dates of these celebrations and contact victims just before these special events, making their approach appear more legitimate and timely.

How the Call-Based Fraud Works

Once the scammer contacts the target, they pitch an incredible offer: organising a high-end event (like a party or family celebration) at a fraction of the cost. They claim that a trusted friend or relative must have referred them, which adds legitimacy to the call. The scammer offers up to 90% discounts on what would normally be an expensive event.

The victim, enticed by such an offer, might agree to proceed. However, this is where the call-based fraud takes a dangerous turn, as the scammer takes advantage of the victim's trust and vulnerability, leading them straight into the trap of cyber crime.

The New Scam! No OTP Needed for Cyber Crime

After agreeing to the offer, the victim is asked to stay on the line while another phone call comes through. The fraudster convinces them to merge the calls, claiming that this is a necessary step in confirming the booking. Meanwhile, the fraudster silently takes control of the victim’s phone and starts transferring money from their bank account.

No OTP is needed to carry out this scam. The victim is unaware that their phone has been compromised during the brief window of the second call. The result? The victim receives an SMS notifying them that their bank account has been emptied, often in a matter of seconds.

How to Stay Safe and Avoid Cyber Crime

To protect yourself from becoming a victim of cyber crime and call-based fraud, it’s essential to follow certain precautions:

Be Cautious of Unsolicited Calls: If you receive an unexpected call offering too-good-to-be-true deals, particularly involving financial transactions, exercise caution. Scammers often target unsuspecting individuals with attractive offers designed to lure you into giving out sensitive information.

Avoid Merging Calls: Never merge a call that you weren’t expecting, especially if you’re dealing with sensitive information like bank details.

Verify the Source: If you get an unfamiliar offer, hang up and call the company or service provider using their official contact details to confirm legitimacy.

Enable Security Features: Make sure your bank accounts and apps have extra layers of protection, such as two-factor authentication or alerts for transactions.

Report Suspicious Calls: If you suspect that you've fallen victim to a call-based fraud or new scam, it’s crucial to report the incident to authorities immediately. Reporting early can help prevent further damage and assist in catching the perpetrators of cyber crime.

Stay Aware of Call-Based Fraud

The cyber crime landscape is rapidly evolving, and this call-based fraud is just one example of how scammers are bypassing traditional security measures. By staying vigilant and following safety protocols, you can protect yourself from becoming a victim of this new scam. Always think before you share sensitive information over the phone and remember: it’s better to be safe than sorry when it comes to cyber security.