Home Lifestyle How To Stay Safe From Banking And Credit Card Frauds

How To Stay Safe From Banking And Credit Card Frauds

The Centre has warned the RBI of fresh cyber attacks yet again, after the biggest cyber security crime in the banking system that has happened recently. People go cashless because of relative safety, but things have gone from threatening to awry. Seems like the customer is not safe anywhere.

The banking system is doing its best to protect its customers, but it is often observed that Internet provides such a vast pool of dictums on precautions that one can easily miss on the simplest, minutest details.

Your bank account is actually as safe as you make it to be. ED brings you some of the most important details you should never miss on.

1. It’s in the little details

Look out for a padlock icon in the address bar or anywhere in the browser window and a web address beginning with https://. The s stands for ‘secure’.

ljlru

2. Bank mails are reliable. NOT.

Banks such as SBI, ICICI, and HDFC have issued safe banking tips to their customers. Bank representatives never send customers email to ask for personal information or password. Never, ever respond to such emails. Look for any updates or information directly on the ID that has been provided by your bank. Emails like that are phishing scams.

3. No public wifi, please.

The Federal Trade Commission suggests that customers should never conduct transactions using public wifi. If a network does not require a WPA or WPA2 password, it is not secure. The open nature of public wifi allows for snooping because operators know what information you’re feeding to. Besides, how do you know that the hotspot itself isn’t malicious?

4. Card readers ARE a big deal.

Majority of the information was leaked via ATM machines. Yes.
Please don’t use a card reader that seems loosely-fitted or added on, on the ATM machine. There is a 100% chance that it will be connected to a skimmer which will extract your personal information when you enter the details.

5. Purchase limit saves the day.

According to the Reserve Bank of India, a purchase limit will not only keep your spendings in check, but will also ensure that you receive a text or phone from the bank to confirm any transaction above that limit. No major losses, in this case.

True that we cannot prevent all frauds and cyber thefts that take place throughout the recent banking history and future, for that matter. Nobody can foresee the transactions getting authorised. Do make sure that you avail the complementary insurance covers on debit cards that banks provide to cover fraudulent transactions made on the card.

Banks do provide a solution to your grievances. Your awareness about issues and the policies of your bank can be an additional insurance cover against frauds apart from your precautions.


Other Recommendations:

Big Banks: Too Big To Fail Or Too Big To Feel?

2 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to India’s fastest growing youth blog
to get smart and quirky posts right in your inbox!

Enter your email address:

Delivered by FeedBurner

Exit mobile version