OTP Scam In Saudi Arabia Explained :
The Naif Arab University of Security Sciences has issued a warning regarding the rise in online financial fraud operations and the threat these scams pose to private and public entities and people.
At the pandemic’s peak, there was a boom in internet purchasing where cybercriminals discovered fertile ground for developing new methods of attacking and defrauding people online. More than 400 websites mimicking well-known firms were found by the Group-IB analysts to be a part of this phishing attempt, more than half of which were meant to target customers in the Middle East.
What Are The Different Methods of OTP Scam in Saudi Arabia?
Through its Cybercrimes and Digital Forensics Center, NAUSS has identified 23 ways that criminals approach people and businesses and the websites, platforms, and apps that con artists use to entice victims.
According to TGB Labs co-founder Harsha Halvi, OTP theft is more of a privacy than a technology problem. Attackers have been observed using relevant delivery companies and over 30 different brands of post services from over 20 other nations to target their victims. NAUSS, also found that con artists also use phoney iterations of official websites and applications, including the Google Play Store’s Furijat, Jood, and Absher platforms. These bogus programs have received about 14,000 downloads.
Scammers can send thousands of emails to prospective victims using Inbox Mass Mailer, which directs them to a website that requests personal information from them to sell on the dark web. Fraudsters can get their personal data once a person clicks on a link. Money transfers are pretty simple after internet scammers have obtained the OTP.
They pretend to be a bank employee and inform the victims that their personal information needs to be updated and that they will receive a text message with a one-time password, NAUSS stated, adding that “some scammers also use impersonation.” This action gives the scammers access to the victim’s bank accounts by giving them a sense of credibility, prompting them to share the OTP they received on their phone number connected to the bank’s system.
How To Avoid Falling Victim to OTP Scams
NAUSS has advised people and businesses to refrain from replying to emails and ads promoting investment opportunities in well-known organizations. In a statement released on Tuesday, Group-IB recommended that users use only official websites to follow their shipments and be vigilant of links in emails and SMS messages, regardless of the sender.
The company also noted that delivery companies rarely issue payment requests by SMS or email. It stated that long chains of redirects and reduced website addresses are warning signs to look out for and advised visitors to provide important information only when they were sure the website was accurate.
Nevertheless, to broaden the information and expertise needed to combat financial fraud, NAUSS has begun to offer a Master of Arts in Financial Integrity degree in collaboration with Case Western Reserve University, situated in the US.