How To Safeguard Yourself From Digital Banking Frauds

[Shashank Bhaskar]

With the rise of the internet and mobile applications for financial transactions, Digital Banking frauds have gone up. As our country moves towards the digital and paperless economy, many seek Mobile Banking services each day. With the ease and accessibility of online transactions comes many unwanted threats that pose a significant risk to your confidential financial information.

So, here are the most popular digital frauds doing the rounds in India.

Fake Mobile Banking apps

Mobile applications, though they offer convenience, can be a significant threat to your money. Today, fake mobile apps of leading banks are available in the market with the same logo, making it challenging to differentiate between the apps. Once these get downloaded, the virus can steal your account and card details and take your money.

Therefore, ensure your confidential detail is not misused and install antivirus software that protects your phone from any virus and internet threats. Download the banking app from the preferred bank. Do not fall for fake apps, even if it is for free.

SIM swapping

One of the scams done is SIM swapping. The fraudsters use this method to get your confidential details, banking information through malware, phishing etc. Once they access your details, they block your original SIM and duplicate it using a fake ID proof. Then, they receive a one-time password on the duplicate SIM to carry out financial transactions.

To avoid falling into this trap, always register for both email and SMS alerts that help you monitor the activities of your Bank Account. Even if you do not get an SMS notification, it ensures that the bank sends an email for all your financial transactions. Also, check your bank statements and transaction history to recognise any irregularities quickly. This is a must if you use Internet Banking for most of your transactions.

Stealing OTP

From Credit Card payment to shopping to ordering food, OTPs are a popular way to carry out financial transactions. However, it is not away from any threats. In the name of updating bank details, fraudsters pretend to be bank representatives and con people to reveal their CVVs and card numbers. OTP theft usually occurs if a virus consumes your phone or you get tricked into disclosing your OTP by a fraudster.

How to protect yourself? Never disclose the personal and important details of your Savings Account to anyone, including bank officials. Remember, the bank do not ask for your card details for verification on the phone.