Friends, in today’s modern era, the more convenient things have become, the more online frauds have spread, and cyber fraud has become one of the biggest threats to financial security. Fraudsters are increasingly targeting children and the elderly; They use tricks like fake police calls, CBI threats, investment scams and so-called “digital arrests” to dupe victims and steal their hard-earned money within minutes. To save all this, dual OTP system is being started, let us know its complete details.
Increasing cases of digital fraud
Fake “digital arrest” threats
Fraudulent Investment Schemes
Cheating by impersonating police, CBI or government officials
Scams related to banking and KYC update
Phishing and OTP fraud
In view of this growing threat, Jammu and Kashmir Police has issued an advisory highlighting the benefits of ‘Dual OTP System’ for elderly and vulnerable banking customers.
What is ‘Dual OTP System’?
In traditional online banking systems, any transaction is completed when an OTP sent to the registered mobile number of the account holder is entered.
The ‘Dual OTP system’ adds another layer of security by requiring two separate OTPs:
First OTP: It is sent to the registered mobile number of the account holder.
Second OTP: It is sent to the mobile number of a trusted family member, nominee or guardian linked to the account.
Any transaction can be completed only when both OTPs are entered correctly.
Additionally, if any suspicious activity is noticed, the bank can immediately send an alert to the concerned family member.
Why ‘Dual OTP System’ is a game-changer?
Protection from OTP scam
Even if a fraudster manages to trick an elderly person and obtain the first OTP, he will not be able to complete the transaction as he will not have access to the second OTP sent to a trusted family member.
Immediate alert to the family
When a nominee or family member suddenly receives a transaction OTP or security alert, they can immediately check that transaction and detect potential fraud before any money is lost. Better security for vulnerable users
This system provides additional protection to:
senior citizens
People who are not familiar with digital banking
people who live alone
Customers who have been previously targeted by cyber fraudsters
Important advice from police officers
According to Jammu and Kashmir Police, many banks have started providing this facility for senior citizens and vulnerable customers. Account holders are advised to:
Visit your nearest bank branch.
Check if Dual OTP feature is available.
Register a trusted family member or nominee for this service.
Be wary of suspicious calls and messages.
Haryana Police has also promoted a similar initiative to strengthen security against cyber crime.
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