Online banking has become an essential part of our lives. We use it to pay bills, transfer money, and even invest. However, as our reliance on online banking grows, so does the risk of fraud and cybercrime. That’s why it’s more important than ever to make online banking safer.
What is the risk involved in this?
- Phishing: Most phishing tactics include technological deceit aimed at making a link in an email clickable.
- An email message from a prominent online store or Internet bank website informs you that your account has been hacked and must be updated and provides a link to do so
- So you click on a link in the message, and it takes you to a website that looks just like the actual website; it is a fake login page. If you provide the account information, it will be forwarded to the attacker and may be abused.
- Smishing: Receiving fraudulent messages from an untrustworthy source
- Vishing: Asking PII over the telephone
- Spoofed website: Misspell the domain like this- www.myhdfc.com or www.cardsbi.com
- Malicious link: Malicious links will conceal themselves behind the original link with the help of shortened URLs. Like this https://bit.ly/3KLJsHY
- Filter Avoidance: To make it more difficult for anti-phishing filters to detect text usually used in phishing emails, phishers have employed graphics instead of text
- Malware attacks: Attackers attempt to deliver malware via attachments and to trap you by sending fraudulent emails with attachments claiming to update your account information
How to safeguard:
- Do not respond to any Phishing (Email fraud), Smishing (Message fraud) or Vishing (Telephonic call fraud) communications
- Be cautious before visiting any financial institution’s website
- Before clicking any shortened URL, make sure that the communication is from a trusted source
- Put your pin yourself rather than handing over your card to the merchant location or service provider, such as a restaurant, to make your payment and check the bill twice.
- When you are finished with the transaction receipt, do not discard it. Shred or tear it.
- In case of a fraudulent transaction, always call the respective bank or toll-free number mentioned on the bank’s official webpage; otherwise, use the back side of your bank credit card or debit card rather than the usual Google search.
- Ensure no one sees your finger movement while you input your PIN when using an ATM.
- On-site cameras that could readily record your PIN should be kept an eye out for. While entering the PIN, try to keep your hand hidden.
- Always keep your card’s PIN and data in mind, and report any loss or theft to the bank immediately so they can temporarily freeze your account and stop any additional fraudulent transactions until you get a new card.
- Never keep your credit card password in an ordinary folder on your computer or email account. If the account is hacked, there is a chance that an unauthorized transaction will occur.
- When completing online payment, look for the security logo on the website to ensure that it is a secure site.
- Directly download banking applications from the official bank’s website redirected URLs
- Do not download your banking app using links supplied to you via email or SMS.
- Do not give out your card information over the phone or the internet to ANYONE, regardless of whether you know them or not.
- Do not provide any card or personal information while answering a phone call from someone claiming to be from the card-issuing bank or a linked organization.
- Please contact the numbers below within 1 hour if you suspect financial fraud.