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Ms. Anisha Sharma(name changed), who lives in Bangalore, got a service call from a renowned bank asking her for the OTP that was sent to her phone. The customer care executive stated that this is a verification call from the bank to check if her Aadhaar Card was linked to her bank account. Ms. Anisha, unaware of the consequences, provided her OTP, and minutes late, Rs. 85,000 was debited from her bank account.
One-time password(OTP) is used by most of the banks and financial organisations as two-factor authentication but is OTP a surefire protection against online fraud? There have been many cases of fraud duping customers by making them reveal OTP or impersonating customers and request for a change in their registered mobile number to receive OTPs. There have also been many cases of frauds hacking phones.
At Simpl, our utmost priority is to make your payments secure. And that’s why we take pride in the fact that there’s no risk of any financial fraud when you pay via Simpl . Here’s how we protect you from financial fraud:
- No card exposure – Sceptical about using your card on different apps? We have you covered! With Simpl, we minimise card exposure as you don’t have to use your card on any merchant app. Just click on Simpl payment mode and your payment is done in a single tap. You can use any preferred payment method to repay your collated bills on Simpl app.
- No hassles of OTP or PIN – The best defense against OTP-related frauds is completely removing OTP verification and that’s what we have done. When you pay via Simpl, there’s no payment-related OTP or PIN verification. You just need to enter an OTP to link your Simpl account on a merchant app, the first time you transact via Simpl, and from the next time, you can pay in a single tap.
- 24×7 Support – In case of any query or concern, you can reach out to us! Our customer support team works round-the-clock to ensure immediate action.
So, make your payments Simpl-er and secure!