Ways to protect your money from digital frauds
Tue Mar 12 2019 / By: Nupur SharmaDigital banking fraud has increased in numbers with the increasing use of the internet and mobile apps for financial transactions. Recently in the Reserve Bank of India, around 900 plus banking fraud in the amount of Rs. 1 lakh in April–September 2018 involving ATM, debit cards, credit cards and Internet banks.
Many of us do multiple online transactions every day, as we move to a digital and paperless business. But there are many undesirable risks with the ease and convenience of doing online transactions that could threaten you.
The easiest and best way to ensure that no digital fraud occurs is to educate yourself. Let's look, then, at the three most popular digital frauds taking place in India.
OTP Theft
OTPs are a popular method of conducting safe finance transactions these days from ordering food online to paying credit card bills and shopping online. It has a ton of loopholes too, however.
OTP theft usually happens when your phone is malware infected, or if you are bound to disclose a fraudster to your OTP. Newer people are more likely to become involved in online banking.
Never disclose anybody, including bank officials, your personal and important details such as your card data. Remember, no bank will ever request you to provide the verification or renewal details of your card on your phone. And, do not click any link from any unknown numbers that has been suspicious. You give fraudsters access to their personal details by clicking on such links to make it easy to obtain your OTPs.
Fake Mobile Banking Apps
Mobile apps may pose a major threat to your money while they are convenient. Today, Google Play offers many fake mobile applications from leading banks like ICICI, SBI, Axis etc. that can make differentiation between fake and original apps harder.
Once this fake application is downloaded, the Malware can steal and rob you of your money from the account and card details. So it is advisable to always use antivirus software to protect your phone against malware and internet security problems to make sure your personal information is not misused.
SIM Swap
SIM swap is again one of the most popular tricks used by fraudsters to obtain your personal bank information through vishing, phishing, malware and so on. Once you have access to your personal information your original SIM is blocked, and a fake ID proof is given to you. Then, a single password (OTP) on the duplicate SIM is easier for them to initiate financial transactions.
Make sure you always sign up for SMS and email alerts that can help you track various activities on your bank account in an effort to avoid getting into this trap. This ensures that the bank sends you a message notice for all financial transactions, even if you don't receive a SMS warning. Also, keep track of your bank statements and all banking history so that problems or irregularities can be identified quickly.
Finally, continue to check the connectivity status of your phone. It is clever to contact your mobile operator immediately to make yourself safe if you receive notifications not for a long time.