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Debit /credit card OTP’s missuse

  • B Sidharth Bhat. Divya Prakash. Thilipkumar. Sabarish S
  • Many people using debit card share their OTP's for online transaction due to their ignorance or sometimes without their knowledge.

    A solution that we think might work is to trace locations of the customer's mobile and the location of the device which uses the OTP. 

    If they're locations are found to be different an confirmation can be given to the customer's mobile number

  • A person not aware of the bank process might share his OTP with an unauthenticated person.This is a case where he unknowingly shares his OTP.

  • People who are old and not exposed to the bank processes are the victims of this problem. People's ignorance in the banking system is the reason to it. It's hard for them to understand things like this. There's no such product in our knowledge which can help the prevent this situations.

  • Users who do not understand OTP and online transaction share the OTP unknowingly. For example, the user  gets a phone call where the fruadler speaks like a bank manager which is enough to fool the user we assumed. The user comes to know about the fraud only after the money decreases from their account and the bank denies the phone call of manager!!

    The product we suggest can help this user since the OTP acquired is usually used away from the user who got the OTP to their mobile phone. The confirmation call alerts the user of the transaction because anyone holding the bank account can understand words like debit and credit.

November 14, 2019

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