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Online Banking Solution India
With the rise in usage of internet and mobile applications for financial transactions, digital banking frauds have gone up. As our country moves towards the digital and paperless economy, a lot of us are seeking online services each day. But with the ease and accessibility of doing online transactions comes a lot of unwanted threats that can pose a significant risk to your confidential financial information.
The most efficient way to ensure that you do not fall victim to any digital scams is to educate yourself. So, without further delay, let’s have a look at the three most popular digital frauds doing the rounds in India – Fake mobile banking apps Mobile apps offer us convenience, but that can cause significant threat to your money. Today, many fake mobile apps of leading banks like HDFC, ICICI, Axis etc. are available in the app market with the same logo of the respective banks that can make it tricky for you to distinguish between the original and fake apps. Once these fake apps are downloaded, the virus can steal your account and card details and take your money. Therefore, make sure your confidential details do not get misused. It is prudent to install antivirus software that can protect your phone from any virus and internet threats. Also, only use secure apps downloaded from verified sources, like Digibank by DBS India. SIM swapping One of the scams done in digital banking is of SIM swapping. The fraudsters use this method to get your confidential details, banking information through malware, phishing etc. Once they can access your details, they block your original SIM and make a duplicate one using a fake ID proof. Thereafter, they receive a one-time password (OTP) on the duplicate SIM to carry out financial transactions. If you want to avoid falling in this trap, ensure to register for both email and SMS alerts that can help you monitor various activities of your bank account. It ensures that even if you do not get an SMS notification, the bank will send you an emailer for all your financial transactions. Also, carefully check your bank statements and transaction history to recognise any irregularities quickly. Stealing OTP From paying bills online to shopping to ordering food, OTPs are a popular way to carry out financial transactions. However, it is not safe from any threats. On the pretext of updating bank details, fraudsters pretend to be bank staff and con people into revealing their CVVs and card numbers. OTP theft usually occurs if a virus contaminates your phone or you are tricked into disclosing your OTP by a fraudster. People who are new to digital banking are more vulnerable to such scams. How to protect yourself? First, never disclose the personal and important details of your bank to anyone including bank officials. Remember, as a rule, a bank does not ask you to give out your card details for verification on the phone. Second, never click any questionable links received from numbers unknown to you. On clicking such links, you are giving access to frauds to your confidential details, making it easy for them to get your OTPs. For availing the digital banking services on the go, make sure to download the latest version of the mobile banking apps.
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October 2020
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