Lately, there have been reports of smartphone users being asked for their one time passcode (OTP) or transaction authorisation code (TAC) over the phone after installing certain smartphone apps.
Is it safe to provide such information in a phone call – or any form of electronic communication – to individuals you do not personally know?
VERDICT
FALSE
The police said that they have detected a syndicate that tricks victims into revealing this OTP and TAC information.
In a statement, the police explained the scammers tell their targets that their phone numbers were "accidentally registered" by certain apps.
Once the OTP or TAC numbers are obtained, the fraudsters will hack and obtain the victim's personal banking information and transfer money out of their bank accounts.
The public is advised to not share such private information to strangers or individuals whose identities they are not sure of.
