I shared an OTP fraudulently asked by a caller claiming to be from Kochi bank; what do I do?
VE Asked by Veena Shastri from India
Quick Answer
OTP fraud is prosecuted under Sections 66D of the IT Act for cheating by personation and 318(4) of the Bharatiya Nyaya Sanhita for cheating.
Detailed Legal Analysis
OTP fraud is prosecuted under Sections 66D of the IT Act for cheating by personation and 318(4) of the Bharatiya Nyaya Sanhita for cheating. Call your bank's helpline immediately to block the card and the transaction, and report the fraud to the Kochi cyber police and the National Cyber Crime Helpline 1930.
The RBI limited liability framework can cap your loss at zero if the report is made within three working days. The Kerala High Court can direct the bank to reverse the transaction where the destination account can be traced and frozen.
Kerala Rent Control Act 1963 consumer fora in Kochi can award compensation for the bank's failure to flag a high-risk transaction. Preserve the call recording, the OTP request SMS and the bank's response to your complaint.
Never share OTPs again, and enable transaction alerts on your phone to detect misuse instantly.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.