The Central Bank of Egypt (CBE) warned bank customers and users against sharing their One-Time Password (OTP) with anyone, explaining that disclosing this code could expose them to risks related to their transactions and bank account.
The CBE published an awareness warning on its official Facebook page, urging users to be vigilant against fraud attempts targeting the verification code sent to their mobile phone, which is used to confirm payments.
What is an OTP Code?
The OTP code is a security code used during banking transactions.
It is sent to the user’s phone to confirm a payment.
This code is designated for the account holder’s use and is valid for one-time use only, making it a crucial part of the transaction security measures.
According to the Central Bank’s warning, handling this code requires caution as sharing it with anyone else could expose users to risks related to their bank account or financial transactions.
Don’t share OTP codes
CBE also posted an awareness image on its official Facebook page, titled “Always Beware of Fraud Attempts,” highlighting the dangers of sharing OTP codes with others.
The Central Bank stressed the importance of not sharing this code with anyone, explaining that disclosing it could expose users to fraud and scams.
This warning comes in light of the importance of OTP code in securing certain banking transactions. The code is sent to the phone number linked to the user’s account to confirm payments.
Therefore, sharing it with someone else could allow them to use it to conduct transactions in the account holder’s name.
Why the warning?
Disclosing OTPs could lead to users falling victim to scams, the CBE warned.
The bank explained that sharing these codes with someone else could enable them to carry out several actions that pose a risk to the user, especially if they manage to use the code to complete a transaction that requires confirmation.
Risks of sharing OTP
The Central Bank pointed to several risks that may arise from sharing OTP codes, explaining that the person who obtains the code could be able to execute transactions in the user’s name.
The CBE highlighted the following risks:
The person who obtained the code could use it to make purchases in the account holder’s name. Sharing the code could allow another person to access the bank account, posing a risk to the user’s data and transactions. The person who obtained the code could transfer funds to other accounts.
Keep Your OTP Confidential
The awareness warning issued by CBE emphasizes the importance of keeping your OTP code confidential and not sharing it with anyone, especially since the code is used to confirm transactions and is used only once by the account holder.
Be Aware of Fraud Attempts
The CBE urged users to be vigilant against fraud attempts and not to treat their OTP code as a number that can be shared with others.
The code is sent to the account holder’s phone to confirm the payment process; therefore, keeping it confidential and not disclosing it is a fundamental aspect of using banking transactions securely.
What You Should Know About OTPs?
The OTP code is unique to the account holder and is sent to their phone to confirm a payment.
It is for one-time use only, so sharing it with anyone else could expose you to the risk of fraud.
The CBE explained that sharing the code could allow someone else to use it to conduct transactions in the account holder’s name.
This makes keeping the code confidential essential when conducting banking transactions.
Edited translation from Al-Masry Al-Youm
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