Online Fraud: How Cybercriminals Drain Bank Accounts Without OTP And What You Can Do

As cybercrime continues to surge, protecting your financial assets has never been more critical. Cybercriminals are evolving their tactics daily, leaving unsuspecting victims vulnerable to significant financial losses. One alarming trend involves exploiting the Aadhaar Enabled Payment System (AEPS) to withdraw money from bank accounts without needing an OTP or ATM PIN. Here’s how they do it and what you can do to safeguard yourself.

Cyber Fraud Targeting AEPS Users:
The AEPS, designed to facilitate easy withdrawals using biometrics, has become a target for cyber thugs. By stealing biometric data , often sourced from government databases like land records containing fingerprints, criminals bypass traditional security measures to siphon funds from linked bank accounts. Despite efforts by regulatory bodies, such as the Reserve Bank of India (RBI) to set withdrawal limits, these breaches persist, posing a significant threat to financial security.

Methods Used by Cybercriminals:
Cybercriminals exploit vulnerabilities in the AEPS system by acquiring biometric data illicitly. This stolen information, typically obtained from public records, allows them to impersonate account holders and initiate transactions without requiring OTP verification or ATM PINs. Such sophisticated methods underscore the importance of robust cybersecurity measures for individuals and institutions alike.

Protecting Yourself from Cyber Fraud:
To shield yourself from potential AEPS-related cyber fraud, consider the following precautions:

Secure Your Aadhaar Card : Utilize the Aadhaar Masking feature available on the official Aadhaar website to protect your biometric data. This ensures that your Aadhaar information remains confidential and inaccessible to unauthorized entities.

Enable Aadhaar Locking: Safeguard your Aadhaar card further by locking it using your registered mobile number. This additional security measure prevents unauthorized access and unauthorized use of your Aadhaar for fraudulent activities.

By adopting these preventive measures, you can significantly reduce the risk of falling victim to cyber fraud targeting AEPS users. Stay vigilant and proactive in safeguarding your financial information to mitigate potential threats effectively.