Types of Banking Frauds and How to Save Yourself

Banking Frauds are becoming a common thing now a days. Every alternate day newspaper contain some sort of banking fraud case. However recently several groups were trapped which were indulged in such activities. Its better to save yourself from such frauds yourself, else you will just bang your head with pillars with no guarantee of getting your money back.


How to save yourself from Net Banking Frauds


Knowledge is the key to save yourself from net banking frauds. Instead of being non-tech-savvy its better to be tech savvy and save yourself. In the following article we will tell you about types of banking frauds and how to save yourselves from them. In the old times most of the bank frauds were related to forged signatures, but not both time and technology has changed. Passwords are the modern signatures. Use them with extreme precaution.

Here a few types of banking fraud techniques and how you can save yourself from them.

1. Cyber cafe fraud : If you use net banking from some cyber cafe then softwares/virus installed on those systems might steal your banking access information. Sometimes some hardware devices like keystroke tracker (attached on keyboard port) can also store all keystrokes pressed by you and later the hacker can get the userid and password of your net banking.
How to save Yourself:
  • Use netbanking from your own device. Your own laptop / desktop / smartphone (with some anti-virus) is the safest place to use net banking.
  • If you have to use it from cyber cafe then make sure that some antivirus is installed. Also make it sure that the browser / system don't remember your password.
  • While accessing net banking from cyber cafe, use private mode available in most of the browsers. in private mode your browsing history is not stored in system.

2. Calling from Bank: If you ever get a call from bank and the person at the other end asks for your bank details (to verify it), then its a fake call.
How to save Yourself:
  • Don't provide login details of your bank account or ATM card.
  • Even if they say that its urgent then tell them that you will call the bank customer care yourself.
  • If you think that there might be a genuine problem then contact bank customer care yourself.
  • Even if the call is from your bank, don't provide your account access information.

3. Fake Emails: If you ever receive an email from bank that asks for your bank details then its also fake. Such emails also contain a link to a phishing website to enter your bank details. These phishing websites looks just like your bank website.
How to save Yourself:
  • There is one way to find if its fake or not. Email address is of form abc@domainname.com . If the sender email does not contain your bank's domain name then its fake. Usually such fake emails use free email ids like gmail and yahoo.

4. Phishing Websites: Phishing website are replicated versions of original banking website. These phishing websites have a slightly different domain name, so that if any user reaches them by mistake , he/she will not be able to identify it as fake. Usually users fall in trap of such websites through fake emails (as discussed in last point) and enters his login details which is then sent to some hacker.
How to save Yourself:
  • Always check the domain name of banking website before entering the login information.
  • If you have mistakenly entered information on such website then immediately open the correct one and change your password and then report this fraud to your bank.
How to report a Net Banking Fraud

5. Don't ignore SMS : Messages from you bank are important. Suppose you have received a SMS from bank that some financial transaction has occured or some beneficiary is added in your account, and none of them is in your knowledge, then it means that your net banking information is stolen and somebody else is using it.
How to save Yourself:
  • Change the netbanking password immediately
  • Then report the crime to your bank through net banking or calling the customer care of your bank.
  • Changing the PIN of your ATM card is also advised. 

6. Always register your permanent mobile number with your bank. If you ever change that number, then must register the new number and get the previous one removed. If you don't do that then after sometime if somebody else gets the same mobile number from telecom company then he/she will recieve your banking transactions messages and may also harm you in some way.

We hope that the above information will help you in protecting yourself from netbanking frauds.

How to save yourself from Online Banking Frauds

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