The number of online bank scams and frauds related to ATM debit cards recorded in the country has increased over the period of time. Despite continuous cautions and severe warnings by banks and several other authorities, these scams are growing day by day wherein common man is easy prey for online fraudsters. However, these scams are enabled by vital information shared by the victims themselves. The fraudsters seek information like One Time Password (OTP) that results in loss of money which is fraudulently taken out from victim’s bank account. SIM Swap Fraud: Here's How You Can Avoid This Online Banking Scam.
Recently, Avanti Patel, a Bollywood Singer and Indian Idol 10 contestant along with her sister has duped of Rs 1.7 lakh. According to the report from Mumbai Mirror, the fraudsters are suspected to have employed Unified Payment Interface (UPI) to dupe the singer and her sister. Avanti Patel and her sister lost a huge sum for the fact they forwarded the message containing OTP to the fraudster.
It is essential to understand that you shouldn’t be revealing your bank account details to anyone, even if he/she claims to be a bank executive. Recently, Indian Overseas Bank in Gujarat was fined Rs 10,000 for giving husband’s account details to wife. Sharing your details with other could result in cyber-attack or fraud, as you can fall victim in a matter of minutes.
So, how can you stay safe from such online banking scam? Well, there are certain precautions that you need to follow while making online transactions to ensure you remain secured.
1. Firstly, it is essential to set a strong password as it will safeguard against password attacks. Also, keep a unique password for payment applications.
2. You need to ensure that your smartphone is unlocked through biometrics, PIN or pattern.
3. It is very important to install anti-malware app or anti-virus application on your smartphone.
4. Never open any third-party links received through WhatsApp messages or emails, a majority of the time these are scams.
5. Monitoring your account activity is highly suggested, and you should report about unusual activities on your account.
6. Also, keep track of all the transaction messages as well as notifications you receive from the bank, as it is essential to remain aware of all your transactions.
7. Never share your details with anyone irrespective of the fact how small the information might be. Never reveal information related to bank accounts, debit card, credit card, OTP, CVV, card expiry date and any other details.
These precautionary steps related to your bank account will keep you safe from several online scams or cyber frauds. As the number such has increased, it is suggested that you should remain cautious and take precautionary steps from falling prey to such scams. Be careful and be safe.