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Beware bank scam ‘prize’ asking for One-Time Pin

Credit card users warned about a scam in which victims are asked to verify an OTP to win a prize.

Credit card users have been warned of a new OTP (one-time pin) scam, and are being warned to be vigilant and alert at all times.

Investec Bank explained the scam:

“Fraudsters will call you and pretend to be from a bank or reputable organisation. They will tell you that they need to verify who you are to continue providing a service to you, or to confirm that you have won a competition. 

“They will supposedly do this by sending you an OTP to your phone. If you agree to this, the fraudsters then use your stolen card details to make an online purchase, which will trigger an OTP to your phone. They then ask you to give them the OTP you just received.

“You assume they are verifying you, but the fraudsters are using your credit card details to shop online and your OTP to authorise the purchase.”

Investec recommends two key steps: 

  • Never read back an OTP you have received to anyone over the phone
  • Only use the OTP you have received to confirm your online purchase
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