To avoid the Covid-19 virus, most people now avoid cash in the favour of digital payment or online banking. Because most money transactions have shifted to net banking, cybercriminals have been drawn in, leading to an increase in cyber fraud.
Keeping this in mind, and to alert its account holders, many banks have issued warnings about the growing threat of cyber fraud. Not only that, but banks also provided advice on how to stay safe while doing online banking. When cybercrime takes place, most of the time it is the account holders who unwittingly divulge their secret information about their bank account to strangers.
Account-holders should be aware that fraudsters have become more sophisticated and have discovered new ways to steal money online. According to the National Crime Records Bureau (NCRB), the number of cybercrime cases increased by 11.8 per cent from the previous year in 2020.
Modus Operandi of Cyber Frauds
During the holiday season, the possibility of cyber fraud increases due to increased online shopping, e-transactions, and internet usage. Cyber fraudsters attempt to steal money in a variety of ways:
1. Acting as if they are bankers,
2. insurance brokers
3. medical personnel
5. Members of the government
Their objective is to:
1. Obtain your KYC information,
2. Re-enter your KYC information.
3. Creating new jobs
4. Threaten to deactivate your account
5. Making up a fake emergency.
Precautions to take to avoid cyber fraud:
1. Never give anyone your PIN or OTP
Remember that you will never be required to authenticate your account via PIN or OTP to receive funds in a bank account. Any request for an OTP/PIN should immediately raise a red flag. Keep in mind that your bank or any other institution would never ask for personal information.
2. Only use official bank websites
Customers are frequently given incorrect customer service numbers, leading them to believe they are interacting with a bank or insurance provider employee. Before contacting them, always double-check their phone numbers.
3. Never make payments through unidentified portals
Fraudsters typically attempt to clone official websites, where customers are required to share their bank account details, debit cards, credit cards, and so on during registration, resulting in more frauds. Be wary of such websites; double-check the website logos, user interface, and other details to determine whether the website is genuine or a clone. Never give out your personal information if you discover anything p
4. Do not click on unidentified links
Not everything that glitters is gold. If the offers appear to be too good to be true, they probably are – avoid. If you click on suspicious links, you may be directed to phishing websites, putting you at risk of identity theft. If you find anything fishy, never give out your information.
“Your money will be safe with you if you stay alert and follow these simple steps,” Ravi Santhanam, Chief Marketing Officer of HDFC Bank, said in a statement.
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