Financial transaction

[In-depth] 5 ways to protect yourself against financial fraud

Financial frauds are commonplace in any digital economy. Every day new ways are explored by hackers and scammers to trick people online. To protect your online transactions, you must be careful and follow certain steps to avoid losing your precious money. Here are five tips to protect yourself against financial fraud.

(1) Beware of Unknown Activities

When it comes to protecting against financial fraud, suspicion can be your first line of defense. If you receive a phone call from an unknown person offering you a lucrative offer or asking for your personal information, it’s time to verify their identity before sharing anything. If the person is unable to dispel your doubts and rushes to respond, this is a red flag for you to immediately stop communication. You can block the number and if necessary you can report it to the nearest police station to their economic and cybercriminal wing.

(2) Keep your password and login credentials safe

Protect your online credentials such as username, password, etc. Your password is essentially the key to your wealth and you can’t afford to mismanage it or lose it. Credit cards, debit cards, online banking and UPI apps allow you to make instant payment while shopping offline or online. People who don’t manage their sensitive data online become easy targets for scammers. In most cases of financial fraud, users themselves reveal the login ID, password or transaction PIN.

Remembering your passwords is a good idea, but if you can’t, the best thing to do is to keep them in a password-protected folder or log that’s only accessible to you. and your loved ones. You can write down your computer’s login ID in a protected file and folder and the password in a personal journal. Change your banking passwords regularly. Create a strong password without using your name or your close relative’s name, year of birth, mobile number, etc., which can be easily predicted and cracked by fraudsters.

(3) Be careful when using ATMs in secluded places

ATMs in crowded places are the safest. When using an ATM, check for any unusual additions to the machine, such as a camera or skimming device. Hidden cameras are usually attached just above the keypad to copy the PIN code. You must hide your finger when entering the PIN code. Card cloning is one way people are tricked. Fraudsters place skimming devices in ATMs. These copy your card data which can be used to create clones of your card to perform unauthorized transactions. Avoid ATMs that feel less secure: for example, in secluded corners or without security personnel present.

(4) Never share OTPs with anyone

Never share your transaction or log OTPs. Fraudsters can use them to access your accounts and transfer money to their own bank accounts. Such cases can be easily avoided by ensuring the security of OTPs. Never give your mobile phone to a stranger because spyware or hacking software can be installed to steal your data and money from your bank account.

(5) Do not rush to answer

Whenever you receive a call from someone posing as a bank official, an investment adviser or the payment application company, you should never reveal your crucial information such as full name, surname father or mother, address, bank account number or customer ID, password, PIN code. , OTP, etc

Always keep your bank’s customer service number saved on your mobile. If you have mistakenly revealed information that could be used by fraudsters, you can ask your bank to block your account immediately. Later, you can change the bank password and take the necessary steps to ensure the security of your bank account. These steps will ensure the security of your financial transactions.

(Adhil Shetty is CEO of BankBazaar.com.)

(Disclaimer: The opinions expressed in this column are those of the author. The facts and opinions expressed herein do not reflect the views of www.timesnownews.com.)