Online sale nightmare: Techie's Rs 68 lakh drained in OTP scam for selling bed on OLX
A Bangalore-based techie was tricked by a fraudster posing as an interested buyer on OLX, resulting in financial losses through a series of transactions.
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Highlights
- A Bengaluru-based techie fell victim to an OTP scam while attempting to sell his bed online through OLX
- The fraudster persuaded the engineer to return the excess money using a provided link and sharing crucial OTP details
In a shocking incident, a 39-year-old engineer from Bengaluru fell victim to an OTP scam while attempting to sell his bed online through the popular platform OLX. The scam, orchestrated by a fraudulent buyer posing as a furniture store owner, resulted in the techie losing a staggering amount of Rs 68 lakh in a series of deceptive transactions.
The deceptive transaction unfolds
The victim had posted an advertisement on OLX to sell his used bed for Rs 15,000 when he received a call from an individual claiming to be a furniture store owner. The buyer, citing issues with UPI transactions, requested the engineer to send a nominal amount of Rs 5 to address the purported error. Falling into the trap, the techie sent Rs 10 as instructed. This marked the beginning of a harrowing sequence of transactions.
Subsequently, the fraudster manipulated the situation, instructing the victim to send larger amounts, such as Rs 5,000 and Rs 7,500. With each transaction, the scammer claimed to have mistakenly sent a higher sum, leading the techie to believe he was receiving extra funds. Eventually, the fraudster persuaded the engineer to return the excess money using a provided link and sharing crucial OTP details.
Warnings from authorities
Despite repeated warnings from banks, NCPI, and RBI against sharing OTPs, the victim inadvertently divulged the sensitive information. Authorities emphasise the importance of using OTPs only during legitimate transactions on trusted websites or apps. In cases where individuals receive unsolicited OTPs, it is crucial to change account passwords immediately and report unauthorised transactions to the respective bank.
This unfortunate incident serves as a stark reminder of the prevalence of online scams and the need for vigilance when engaging in virtual transactions. Users are urged to exercise caution, follow secure transaction practices, and remain vigilant to protect themselves from falling victim to such fraudulent schemes.
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