Wednesday, May 22, 2024

Money Matters :Tips to avoid falling prey to banking fraud

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With more than 690 million active internet users or about 41% of our nation’s total population, India comes in second only to China. Numerous services, especially online banking, have blossomed in India’s rural and urban areas as a result of this extensive digital penetration.

The number of banking and cyber frauds has skyrocketed, impacting both banks and consumers. Therefore, it is crucial to raise public awareness about scammers and keep taking measures to stop their bad deeds.

Here are some tips to prevent banking fraud:
• Never disclose your personal details, like your credit card number or UPI PIN, to anyone. Banks or other financial companies will never ask for your username, password, or other bank details.

• Avoid using public wi-fi networks for any kind of transaction.
• Do not open emails that look suspicious.
• Avoid downloading or opening attachments from unknown sources.
• Do not trust an email that asks for your personal information.
• Always have strong and unique passwords. Include a combination of upper and lowercase characters along with numbers.
• Do not download apps that are not used or required.
• Always read communications sent by banks or financial institutions related to fraud awareness.
• Restrict the ability to download apps on your mobile device.

• If you receive a call or e-mail asking for your banking details for KYC/Re-KYC or any other purpose, then immediately visit the nearest branch or call your relationship manager for assistance.

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