Beware of banking frauds! Safe banking tips during and after COVID-19


Team Udayavani, Aug 14, 2020, 5:12 PM IST

With the rising number of cyber fraud-related cases, customers are advised to be vigilant and follow some basic precautions for a safe banking experience.

With the increase in online transactions during the COVID-19 pandemic, the banking & financial services industry has witnessed a sharp rise in cyber-related crimes. The majority of these frauds are camouflaged as a request for KYC and Re-KYC updation.

Pretending to be representatives of the bank, fraudsters target unsuspecting people and send suspicious messages/links from unknown IDs or mobile numbers asking them to complete/update their Know Your Customer (KYC), failing which their account would be blocked. The message asks the customer to either call on a particular number provided or to click on the link. By clicking on the link or sharing/entering confidential information, the fraudsters can instantly gain access to the account and customers can lose their hard-earned money to the fraudsters. Fraudsters also create a page or website that looks very similar to the official webpage of the bank and hence, it is difficult to distinguish between the two.

In addition to KYC-related frauds, customers should also beware of other types of frauds such as EMI Moratorium and UPI-related frauds.

Going forward, customers should be alert & vigilant and observe some basic precautions to ensure that they have a safe & secure banking experience.

Safe Banking Tips:

1)      Do not share sensitive banking information such as CRN, passwords, card details, CVV, OTP, ATM PIN, UPI PIN, Mobile Banking PIN, or any such information with anybody. Banks will never ask for this information

2)      Only click on links from trusted sources. If you receive an email or text message from an unknown sender asking you to click on a suspicious link, beware and ignore the message altogether. Never respond to a threat or get lured by offers of windfall gains. Banks do not send such messages.

3)      Develop a healthy suspicion for email IDs you have not seen before.

4)      Refrain from downloading screen sharing apps such as AnyDesk, TeamViewer etc, which will enable the fraudster to take control of your device, view confidential banking details and access your account and funds without your knowledge.

5)      To receive money via UPI, one does not need to scan a QR code or enter a PIN or OTP.

6)      Activate SMS and Email alerts to get instant updates on banking transactions. Read transaction-related messages and pop-ups closely.

7)      Always keep your contact details updated with the bank

8)      Always visit the bank’s official website for the bank’s contact details.

9)      Similarly, when searching online for contact numbers of e-commerce or any service providers, visit the official company website for contact details.

10)   Keep your laptop/ mobile devices safe by regularly updating the software released by the system manufacturer.

11)   Install reputed antivirus software to protect your system from malicious software.

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