Safe banking practices for Customers

The way the banking sector is working has completely transformed and constantly improving with the latest advancements in technology. Where on one hand, the Customers have the convenience of availing services from the comfort of their home, on the other, there has been a rise in cybercrimes and leaking of digital information. The fraud practices and crimes in the banking sector are always on the rise due to the critical information involved. However, 100% security implementation cannot be possible with an equal contribution from its Customers.

So here is a list of a few tips for safe banking practices that can help customers proactively protect their assets and subsequently lower the loss risk. Mind you, fraudsters are getting smarter and believable in their overall approach. Therefore, never reply to such mails, letters, and calls. After all, prevention is better than cure! The internet and technology are a boon, but it is important to be prudent in the way you use it to transact safely.

 

 

This is a common fraudulent practice of tele-operators calling you on behalf of the Bank. These callers build trust and gain confidential information from the users to elicit personal and/or financial information with an intention to deceive you. Often, such a swindler may use a strategy to create fear or anxiousness to extract vital information.

Action : NEVER entertain calls or messages soliciting personal and/or financial information. In an instance you do get such a call, do report to the appropriate authorities immediately, and seek necessary help.

Please note: Banks NEVER ask for sensitive information on calls.

 

 

These are emails claiming to be from authorised channels asking you to reveal personal and/or financial information. This communication might appear to be from legitimate sources but are not. They have been shrewdly designed impersonating the Bank mail design and appearance. They may even have a similar looking website. If and when you visit the site and enter your personal and/or financial details, these phishers gain access to your confidential information.

Action : NEVER login to any suspicious looking link through an email out of the blue asking for personal and/or financial information. Ensure you delete the mail immediately. In case you do log in, report the same to the helpline numbers of the bank immediately to safeguard you account.

Please note: Banks NEVER ask for sensitive information on emails.

 

 

This is an act of stealing information through the magnetic strip on the cards that used at ATMs and merchant establishments. Skimmers use a small device that stores information contained in this magnetic trip. A tiny strategically positioned camera could be used to capture your PIN.

Action : Be careful while entering the PIN while using your ATM/debit/ credit cards when transacting at all places, especially at an unfamiliar place. Beware, skimming can happen even in legit transactions. If a transaction is unsuccessful, cross check personally that the transaction has been cancelled and if you have received a message of debit to your account.

Please note: You may receive a call from your Bank in case you have used the card for larger than usual transactions. You may also receive a confirmatory mail from the Bank confirming the transaction by swiping the card.

 

 

This is a virus attack that usually enters your computer/ mobile system though unknown e-mails, or while browsing the internet and downloading from unsecured websites. A Trojan attack can do multiple harmful things like identifying passwords, commit data theft, spying or tracking user activity, to even crashing your computer.

Action: Be watchful about who the sender of any unusual mail is. Open only these mails with subject line known to you. Do not download files from unsecured websites.

Please note: Please refer to authorized or official banking apps/ websites only. Also, make sure to install the apps from trusted sources only like Google PlayStore or Apple iStore only.

All official banking applications are always safe and come with inbuilt security features for doing all of your banking transactions. Never trust any unknown sources for installing Android .apk or Apple .ipa files directly on your smartphones.

 

 

These announce that you have won a surprise gift/ holiday/ huge sum award, or disbursal of loans at cheap rates or that you can earn additional income easily through an e-mailer, pop-up window, or a telephone call. They are luring, but more than often a scam. Their sole purpose is to obtain your confidential information.

Action: Do NOT access such mails where you have not applied for any loan or participated in any contest to win prize monies or gifts. Do not share any personal information on any call or download any app or cooperate to give any OTP.

Please Note: Money mules may share copies of certificate/deposit receipts purported to have been issued by the Reserve Bank. RBI does maintain names of individuals / companies / trusts in India to hold funds for disbursal. In fact, the central bank warns you to be cautious of such offers.

 

Here are some tips for safe banking…

 

 

 

 

 

 

 

 

 

The above tips for safe banking have been shared for general awareness purpose and knowledge. The Bank shall not be responsible for any direct / indirect loss or liability incurred by the reader for his/her actions while online banking or taking any financial decisions based on the contents and information shared herein. The ways of frauds and scams are getting sophisticated and technologically advanced by the day, hence more strict precautions and the Customer’s discretion and cognizance is advised for every online transaction.

It is pertinent to remember that while you bank smartly, also remember to do it safe, because with critical information shared, you are also exposed to risk.

Happy Banking!