Sharing an OTP (One-Time Password) is often the final key a scammer needs to authorize a fraudulent transaction. If you have just shared one, panic is natural, but acting quickly can significantly limit the damage.
Secure your finances immediately
Your first priority is to stop the scammer from accessing your funds. Do not wait for a confirmation of a transaction. Open your bank’s official mobile app or website and immediately block your debit or credit cards. If you cannot access the app, call your bank's official customer care number—ensure you get this number from the back of your physical card or the bank’s verified website, not a Google search result, as scammers often plant fake numbers there.
If you use UPI-based apps like GPay, PhonePe, or Paytm, go to the security settings within the app and deregister your bank account or reset your UPI PIN. This prevents the scammer from initiating 'collect' requests or further transfers.
Report the incident to the authorities
Once your accounts are secured, record the details of the incident. Note the phone number the scammer used, the time of the call, and any transaction IDs if money has already been deducted.
Call the national cyber crime helpline at 1930. This is the most effective way to report financial fraud in India. The operators can often initiate a 'freeze' on the transaction if reported within the 'golden hour'—the first few minutes or hours after the fraud occurs. Additionally, file a formal complaint on the National Cyber Crime Reporting Portal. Keep a copy of the acknowledgment number, as you will need this to follow up with your bank or local police station.
Inform your bank in writing
While a phone call is the fastest initial step, submit a written complaint to your bank’s branch manager or via their official email support. Clearly state the time, the amount involved, and the fact that you were misled into sharing an OTP. Under RBI guidelines, if you report unauthorized electronic transactions within three working days, your liability is often zero, provided you were not negligent. A written trail is essential for any future dispute resolution or insurance claims.
Watch out for 'recovery' scams
After you report a fraud, you may receive calls from people claiming to be bank officials or cyber cell officers who promise to 'recover' your money for a fee. These are secondary scams. No government agency or legitimate bank official will ask you to pay money to recover lost funds. Do not share any further credentials or download screen-sharing apps like AnyDesk or TeamViewer, which scammers use to take total control of your phone.
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