Not Just Savdhaan India but Savdhaan Digital India! Author: Fintuned | Date: May 12, 2021

Digital payments and internet-based transactions can be a fraudster’s paradise! Security breaches, data selling, Trojan horses, viruses, phishing and so many other scams put your hard-earned money at risk. But despite these risks, you can keep your wealth secured by following a few simple steps:

 

 

• Know who you are talking to. Stay vigilant!

 

Scammers rely on distractions and the carelessness of the target person. Beware of calls from bank professionals or other payment apps. Only answer them after you verify their credentials/authenticity.

 

Don’t fall prey to phishing and vishing baits!

 

Phishing frauds cunningly ask you to share your bank details through links, emails, text messages or company websites. Vishing fraudsters monitor your phone through calls to access bank details and codes.

 

 

• Use proper authentication (password and PIN)

 

The easiest way to access an account is by stealing the password/pin. Make sure that when you enter the PIN at an ATM, you cover it. Also, you can touch 6 to 7 keys instead of just 4. This makes it harder for any observer to crack the code.

 

Use strong passwords and change them periodically. Never share it with anyone, including bank professionals.

 

If given a choice, use biometric or 2-factor authentication.

 

 

• ATMs and Skimmers

 

Skimmers are specifically built to blend with ATMs (near the card reader) and are very hard to detect. You have to actively look for some weird looking, tampered, out of place, broken, coloured piece or anything that moves when pushed.  These Skimmers read and store your card data for future unauthorized use.

 

It is advisable to use a familiar machine. Avoid fishy ATMs in touristy or isolated locations.

 

 

 

• Check your computer and website/web page

 

Make sure your computer has a proper firewall, antivirus protection, cookies settings, banking services that may ensure the safety of your information, browser safety settings etc. Check if the website or app is legit and trustworthy. You can check the security certificates, incorrect URLs or redirection to unrelated web pages.

 

Another important detail is that the web address should start with “https”. This ensures, your details are not snooped upon.

 

 

 

• Observe which network you are using

Nowadays, every restaurant, cafe, theatre, mall, etc are equipped with free Wi-Fi to attract the crowd. Please think twice before connecting to such public networks! It is very easy for a hacker to gain information from such unprotected networks.

 

Also, try to avoid using another person’s computer while using internet banking services. Try to use VPN (a virtual private network) as they are not very expensive and a safer option.

 

 

• Others

 

• While waiting in a queue to make payments or withdraw money, do not remove the card from your wallet and keep it in your hand. There may be a fraudster in line that make take pictures of your card or use a device to read its chip.
• Set reasonable limits on transactions. This ensures a large amount cannot be withdrawn at once.
• Since a lot of transactions are done through your phone ensure that the sim card is in your name and cannot be changed through a letter of attorney. Also, ensure that there are no fishy apps installed on the same phone that may read your data.
• If given a choice by the bank, opt for your picture to be printed on the card. This reduces the risk of it being used by others in case it is stolen.
• Refrain from clicking on unidentified ads, links and pop-ups.
• ALWAYS verify the amount deducted from your bank account (SMS or passbook) matches the amount on the bill/receipt.

 

 

Despite taking all precautions, if your account is hacked, the card is stolen or bank details are compromised, you should notify the authorities immediately. It is advisable to temporarily block your account to prevent unauthorized access.

 

Alternatively, if you notice a scammer or hacker trying to fool others, you should straightaway approach the police.