How to protect your transactions from cyber frauds

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As we move towards a digital and paperless economy, many of us are doing multiple online transactions each day. But with the ease and convenience of doing online transactions comes many unwanted risks that can pose a great warning to your momentous financial information.

The easiest and most effective way to make sure that you don’t fall victim to any digital fraud is to train yourself.

So, let’s take a look at the three most popular frauds is digital doing the rounds in India. 

OTP Theft:

OTP theft generally happens if your phone is infected. By malware, or you conned into revealing your OTP by a fraudster. People who are new to online banking are more inclined to such scams.

How to protect yourself from such scams? First, never divulge your personal and valuable details, like your card details to anyone including bank officials. 

Always remember, no bank will ever ask you to give out your card details for verification or renewal on the phone.

Second, don’t click any shady links received from unknown numbers. On clicking such links, you are giving access to fraudsters to your details, making it easy for them to get your OTPs.

Fake Mobile Banking Apps:

Mobile applications, while helpful, can pose a big threat to your money. Today many fake mobile apps of leading banks like ICICI, SBI, Axis, etc. are available on Google Play with the same logo of the corresponding banks that can make it tricky for you to differentiate between the original and fake apps.

Once you download these fake apps, the malware in these apps can steal your account and card details and steal your money. 

So, to make sure that your personal information is not misused, it’s advisable to always use antivirus software that can protect your phone from any malware and internet security issues.

SIM Swap:

SIM swap is again one of the most popular tricks are have that fraudsters use to get your personal banking information via malware, vishing, phishing,  etc. Once they get access to your details, they block your original SIM and get a duplicate one using a fake ID proof. 

After that, it becomes more indulgent for them to receive a one-time password (OTP) on the duplicate SIM to initiate financial transactions.

To evade getting into this trap, make sure to always register for both SMS and email alerts that can help you track various activities on your bank account.

It will assure that even if you don’t get an SMS alert, the bank will send you an email alert for all your financial transactions.

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