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In this era of digital banking and online payments, cyber fraudsters adopt new tactics every day to trap people. It has now become very common to deceive people by posing as a bank officer, electricity department employee, lottery agent or courier delivery boy and asking for the One Time Password (OTP) received on the mobile during conversation. If you have unknowingly or out of panic shared your OTP with an unknown person, then this is not the time to waste in regrets but to take lightning fast action. The time between sharing the OTP and the money being deducted from the account or incurring further loss is called the ‘Golden Period’. If you become alert immediately and take the right steps, your hard-earned money can be saved from being looted.
According to cyber security experts, the first two to three hours are the most sensitive in case of any unauthorized transaction. Fraudsters usually reset the net banking password, set a new UPI PIN or initiate transactions on e-commerce sites as soon as they receive the OTP. During the technical time required for this entire process, you can get your bank account and digital services completely seized.
The first thing to do once the OTP is shared is to call the official toll-free helpline number of your bank. Speak to a customer care executive directly or select the ‘Report Card Loss/Unauthorized Transaction’ option in the IVR. Clearly inform the bank representative that your security credentials have been shared and all outgoing transactions (debits) from your account should be stopped with immediate effect. Request the Bank to immediately block all your ATM cum Debit Cards, Credit Cards and Internet Banking User IDs.
If you have a mobile banking app login of the concerned bank, go to the ‘Card Management’ or ‘Security Settings’ section of the app without waiting for the helpline to be connected. From there, immediately disable the International, Online (e-commerce) and ATM withdrawal toggle buttons of your debit card. Along with this, reduce the daily spending limit of the card to zero. With this simple step, the transaction will automatically be declined at the payment gateway even if the fraudster has the OTP.
If the shared OTP was linked to the setup of a UPI app (like PhonePe, Google Pay, Paytm or BHIM) or a UPI PIN reset, it means the fraudster is trying to link your bank account to another device. In such a situation, immediately open that UPI app from your registered mobile and go to ‘Reset / Change UPI PIN’ option. Set a new and strong UPI PIN by entering your original debit card details.
That session from all other devices automatically ends once the new PIN is set. If you suspect that the OTP has been viewed through screen sharing by having a remote access app (such as AnyDesk, TeamViewer or QuickSupport) installed on the phone, immediately turn off your phone’s Internet (mobile data and Wi-Fi) or put the phone in airplane mode. After this, uninstall that suspicious application and restart the phone once so that any remote connection running in the background is broken.
If you have received a message of debiting money from your account or an unauthorized transaction has taken place, then without wasting a minute call the official cyber crime helpline number of the Government of India. 1930 Dial (Citizens Financial Cyber Fraud Reporting System). This helpline works under the Union Home Ministry and is directly integrated with banks, payment gateways and wallets.
During the call, note down your name, mobile number, bank account number, account details to which the money has been transferred (if received in the message) and transaction ID (UTR Number) to the officer. The 1930 team takes immediate action and sends an alert message to the destination bank or wallet, due to which the amount in the fraudster’s account is immediately ‘held’ or frozen so that he cannot withdraw from the ATM. By giving timely information, the chances of returning the stuck money to the original account increases up to 90 percent.
After calling 1930, you will have to visit the National Cyber Crime Reporting Portal (cybercrime.gov.in) and lodge a formal online complaint (Financial Fraud Category). On this portal, write down the entire sequence of events in brief—like from which number the call came, what hoax was given and which OTP was shared.
Attach a copy of your bank statement, screenshot of SMS transaction and screenshot of call history along with the complaint. After the form is submitted, you will get a unique Acknowledgment Number. Print a copy of this acknowledgment safely as this acknowledgment is legally mandatory to give written notice of fraud to the bank and initiate the refund process.
Visit your bank’s home branch in person immediately after completing the online formalities. Give a written application addressed to the branch manager clearly mentioning the time of the incident, details shared and the acknowledgment number of the complaint registered in the cyber cell. Fill out a formal ‘Unauthorized Transaction Dispute Form’ (Chargeback Form) from the bank.
According to the Reserve Bank of India (RBI) circular, if a customer reports any unauthorized electronic banking transaction to his bank within 3 days, the customer’s liability is limited or nil, provided the bank’s guidelines are followed throughout the process. Make sure to take receipt of your application form (with seal and signature) from the bank. After this request for issuance of new ATM card and new net banking user ID of your bank account so that your entire account comes under a new security blanket for future.