How to protect your banking transaction from online fraud.

With the growth of online shopping, online fraudsters are becoming more sophisticated and opening up new ways to steal money from your bank account.

Fraudsters may encourage you to download unverified mobile apps to control your phone to gain access to confidential information.

With the growth of online shopping, online fraudsters are becoming more sophisticated and opening up new ways to steal money from your bank account. In order to steal personal information they may try to persuade you by pretending to update your KYC information, suggesting you resume KYC, providing services, threatening to block your account or mention non-existent emergencies.

Fraudsters approach clients who pretend to be bankers, insurance agents, health or telecommunications workers, and government officials. They demand the confidentiality of confidential information by providing essential and valuable services. In some cases, they put pressure on customers to share information promptly, citing account closures, emergencies, shortages of essential health care products, and other threats.

They use these books to deceive customers. This is in addition to common methods such as unsolicited calls, text messages, and emails encouraging customers to share their bank account details, login details, card details, PINs, and OTPs.

Fraudsters will also verify that you have downloaded unverified mobile apps to control your phone to gain access to your confidential information.

To safeguard yourself from these frauds, here is a list of precautions that you can follow:

Never share your PIN or OTP.
Remember that customers do not have to authorize by PIN or OTP to receive money from their bank account. You should immediately turn off the alarm when you receive any such OTP / PIN sharing request. Also, remember that your bank or any other institution will not ask you for any confidential information.

Do not click unknown links.
If the offer is too good to be true, it probably is not. If you click on the links that promise anonymous offers, there is a good chance that you will be redirected to a phishing scam that will expose you to potential fraud.

Use official websites to get the contact details.
Fraudsters often provide customers with incorrect customer care numbers and trick them into believing that they are talking to an authorized representative of their bank / insurance company. It is always best to re-verify these contact numbers by visiting the official website of the bank / insurance company.

Never make payments on unknown job/e-commerce portals.
Fraudsters use fraudulent portfolio services to deceive customers who share their bank account details, debit cards, credit card, etc., during registration. Beware of such sites, and do not share your secure information with these forums.

Stay tuned and follow these simple steps, to keep your money safe. To protect their customers from online fraud, many banks have set up “Safe Bank Campaigns” through social media, text messages, emails and periodic notices. It helps to inform customers of the latest fraud scheme and the do's and don'ts of digital banking.

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