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:
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.
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.
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.
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.
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.
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.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy of any agency, organization, employer, or any company. Fintuned Co. LLP shall not be held responsible in any manner whatsover, for any decision/action taken by readers on the basis of the content mentioned in the article. Readers are requested to exercise their best judgement before taking any decision/action. Fintuned Co. LLP shall also not be held responsible for any copyright infringement committed by the author in the process of writing and/or publishing this article and in the event any such offence is found, cooperate with necessary authorities to take remedial action
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