Incidents of Online Financial frauds are rampantly increasing. Apparently, the swift adoption of digital transactions during the COVID-19 pandemic has made users more vulnerable to online frauds, scams and cybercrimes.
Unfortunately, the fraudsters are often at an advantage, since they can easily impersonate or conceal their real identity, status and vicious intentions.
This article has been written with the intention of helping you to understand how we could circumvent this problem.
So, here are five simple and easy solutions to help prevent Online Financial Fraud:
- Know Who’s Asking
Are you getting frequent calls from bank representatives to reset your password, update your KYC, etc.? Beware! Do not entertain these callers as it’s purely an attempt to gather your banking details.
As a thumb rule, banks don’t call or send emails/text messages asking for personal information such as account details or social security numbers. Remember that you should never share any personal information, OTP or login and password information via call/ email/ text message.
- Detect Fake Emails/ SMS
Online fraudsters are on the prowl, trying to dupe you of your hard-earned money. Do not call back on the number provided in the e-mail/SMS from an unidentified source and never click on the links. Fraudulent banking emails may look legitimate but will ask for sensitive financial information.
Stay alert and do not fall prey to the trap of fake rewards or threats of account blocks.
- Keep Your Passwords Secret
Your password is like your toothbrush, so don’t share it with anyone. Always use different passwords for different sites. You should change your passwords regularly for better protection.
Moreover, your wireless network default password as well as the default SSID (name used to identify your network) should be changed from time to time. It could be difficult to remember these different passwords, so either have a hand written list or use password manager apps like https://www.lastpass.com/.
- Never click on links provided in an email/SMS
Phishing emails are designed to prompt you to click links provided within the email. Often, these links are ways for fraudsters to install ‘Malware’ onto your device and gain access to your system. This malware can be misused to obtain personal information.
- Keep Minimum Balance
It’s a good idea to maintain a very low balance (for transactions) depending on the type of bank account you have. So, you may keep just the sufficient amount in such a bank account to pay the monthly bills, minimizing the chance of losing much in case there is any fraud. The excess money could be kept in Fixed Deposits, which are safer and earn interest as well.
Hope these tips help you to stay safe and protect your hard-earned money.
For more cyber safety solutions please visit www.besafeincyberspace.in.