Bank OTP bypass fraud is on the rise; here's how to avoid it.

In an age dominated by digital transactions and online banking, the ease of controlling our funds at the tips of our fingers is accompanied by a growing concern—financial security. Recent occurrences, particularly the one-time password (OTP) bypass schemes, have generated serious concerns about the security of our financial transactions. As we rely more on digital banking, it's critical to recognize the developing threats and, more crucially, how to avoid falling victim to these frauds. This tutorial seeks to shed light on the growing OTP bypass scams and offer you with critical techniques to maintain your money security in the ever-changing world of digital banking.

The bank OTP bypass scam is on the rise: here's how to avoid it.

• One of the most important things to remember here is to use caution when sending SMS and email. Clicking on links or downloading attachments from unknown sources should be avoided. Be wary of SMS or email demands for personal information or OTPs, and report any suspected frauds to your bank and local law enforcement as soon as possible. If something appears weird, trust your instincts and seek explanation from your bank.

• Users should only download apps from authorized app stores and keep their banking apps updated to take advantage of improved security features. Additionally, it is best to regularly update your smartphone's operating system and applications to ensure that you have the most recent security fixes. To lessen the chance of installing dangerous malware, download only apps from legitimate app shops and install reputable mobile security programs.

• The most recent cybersecurity dangers and scams should be kept up to date, and one should be informed of the latest bank security rules and changes on their official website.

• Whenever possible, users should turn on two-factor authentication (2FA) for their banking accounts. This extra layer of security needs a password that only you know, such as a PIN or password, as well as a one-time password (OTP).

• It is always prudent to be wary of unwanted phone calls. Be cautious if someone pretends to be from your bank. Never give out personal information, account information, or OTPs over the phone. It is also critical to confirm the validity of the call. If you receive a call from your bank, hang up and dial the official customer support number to verify the call's legitimacy.

• Finally, it is recommended to use secure Wi-Fi networks. When managing your bank accounts, try to avoid using public Wi-Fi networks and instead utilize a trusted and encrypted network.

IDFC First Bank's QIP for Rs 3,000 crore is expected to begin today; check the pricing

Unidentified sources told CNBC TV18 that IDFC First Bank is set to raise Rs 3,000 crore through a qualified institutional placement (QIP) on October 3. A green shoe option will be included in the issue. The QIP price is expected to be around Rs 90-91 per share, representing a 3-4 percent reduction to the October 3 closing price of Rs 94.25.

The QIP's bankers include a mix of domestic and foreign corporations. In the annual general meeting (AGM) conducted in August of this year, shareholders authorised money raising.

IDFC First Bank also announced a QIP in 2021, at an issue price of Rs 57.35 per share. The bank distributed 52.31 crore equity shares to qualifying institutional buyers for a total of Rs 3,000 crore.

Technical Details

IDFC Bank is trading lower than its 5-, 10-, and 20-day moving averages, but higher than its 50-, 100-, and 200-day moving averages. The private lander's market capitalization is Rs 63,291.9 crore, and the company's one-year beta is 1.29, suggesting strong volatility.

In comparison to the Nifty 50's 16.1 percent one-year gain, IDFC First Bank increased 97.2 percent in the same time period, nearly tripling investors' wealth. According to Trendlyne statistics, the bank's stock outperformed its industry by 54.37 percent in the previous year. The RSI for the stock is 56.7, suggesting that it is neither overbought nor oversold.

Promoters owned 39.9 percent of the bank as of June 2023, while DIIs and FIIs owned 20.9 and 11.7 percent, respectively. The general public owned 27.5 percent of the lender.

The majority of the year's gains happened in the last six months, when IDFC First Bank increased by 71.68 percent. The currency closed for trading on October 3 at Rs 100.7, down 6.4 percent from its 52-week high.

Dhanlaxmi Bank zooms 12% on robust quarterly update

 

Dhanlaxmi Bank soared stock over 12 percent in afternoon trade on October 3 after the lender posted a robust quarterly update, sparking hopes of strong earnings performances in the September quarter.

Total deposits for the lender rose 8.2 percent in July-September to Rs 13,789 crore, up from Rs 12,748 crore in the same quarter of the previous fiscal.

Gross advances also grew 13.2 percent to Rs 10,312 crore as against Rs 9,109 in the corresponding quarter of the base fiscal.

The update triggered hopes of healthy earnings in the September quarter, which prompted investors to lap up shares of Dhanlaxmi Bank.

At 12.54 pm, Dhanlaxmi Bank was trading 11.5 percent higher at Rs 32.50 on the National Stock Exchange.

The uptick in the stock price was also accompanied by strong volumes, as one crore shares had changed hands by early afternoon, significantly higher than the one-week daily traded average of 22 lakh shares.

The stock has also been a multibagger, delivering nearly 170 percent returns in the past year as it rode on the bullish wave seen across the PSU bank sector.

Regardless, the lender was caught in a controversy in September when independent director Sridhar Kalyanasundaram stepped down from his position. He cited concerns regarding the unethical conduct of the bank's operations and internal factionalism among the board members, among other issues.

Kalyanasundaram also pointed out that the bank's board had received numerous complaints, both anonymous and signed but had consistently chosen to dismiss them as "the habit in this bank over time".