9 basic tips to prevent and free yourself from banking fraud

9 basic tips to prevent and free yourself from banking fraud | Vrid
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Congratulations! You have won a lottery prize of ₹50 lakhs. Submit your details soon to collect the prize amount.

Did you receive any message like this? Or did a random message send you a link to submit your pan card details before your bank account is deactivated?

These are the latest techniques fraudsters are using to scam you. Let’s discuss some basic and crucial tips to avoid getting scammed. Also, share and make your parents follow these tips.

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Buckle up, here we go!

Tip #1: Do not open any suspicious e-mails or links

Do not open e-mails that look suspicious. Do not trust an e-mail that asks for your personal information.

The same goes for any SMS you receive. Never click on any links provided in random messages. 

Tip #2: Avoid downloading unverified apps/attachments

Avoid downloading or opening attachments from unknown sources. In e-mails, often trickster shares some attachment with good thumbnails. Please do not open them. 

Do not download any unverified app from the play store, app store or any other place. Avoid installing apk files from unknown sources. If you do, in a matter of seconds, they can hack your device.

Tip #3: Think twice before permitting apps

Restrict permission for the app on your device. It is weird if a calculator app asks permission to access your gallery or contact book, right?

You can secure your device by removing all the permissions immediately and then slowly and mindfully giving them permissions as needed. For example, a bank app would need access to your SMS to read transactions or OTP-related SMS. Don’t share access to the camera or gallery. 

Tip #4: Always read RBI and banks alerts

Hackers and scammers keep coming up with new tricks to scam you. As soon as RBI and banks are aware of these new tricks, they try to reach out to you and make you aware of it. 

So, always read communication sent by banks or financial institutions related to fraud awareness. Reading these may be boring, but they are necessary. 

Tip #5: Never disclose your CVV or PIN

Never disclose details like your credit card number, CVV or UPI PIN to anyone. 

Banks or other financial companies will never ask for your username, password, or other bank details. If your card is lost, notify the bank instantly and get it blocked.

Tip #6: Visit your bank branch for a KYC update

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 help. 

Don’t share the details on call. In this modern world, visiting a bank might be inconvenient, but it is the safest way to update your crucial details. 

Tip #7: Never use public computers or Wi-Fi for transactions

At all costs, avoid using public computers for online banking. Using a public device exposes your financial information to dangers. A hacker might quickly gain access to your safe information, putting you at risk of losing money in your bank account.

The same goes for public Wi-Fi. The public Wi-Fi security system is too weak.

As a result, make it a life rule to never use public computers or Wi-Fi for online banking to avoid the headaches of dealing with fraud.

Tip #8: Only use verified apps and websites

These days, it is very easy to build a new website or app that looks similar to the bank’s website or app. 

You need to be careful. Verify the app and website before conducting any transactions. Online banking fraud can occur if you use unapproved software or a website. As a result, we only use authentic apps or websites that make transactions simple and secure.

Tip #9: Update your passwords every 3 months

To protect yourself from prospective hackers, update your password every three months. If you change your password, make sure it’s a strong one with at least eight characters, a combination of capital and lowercase letters, digits, and special characters. And again, you should never reveal your password to anyone.

You can use secure apps to store your passwords. Or better yet, use the old paper system. 

Also, if you like to be updated about current affairs that impact your personal finance, check out some similar blogs here.

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Still Curious?

If you are like us, who likes to analyse a little more or check out content in different formats, well you are in luck. Below you can find some suitable content we found.

India Today – 7 tips to be protected from banking fraud

Bajaj Finserv – 8 Bank Account Safety Tips to Prevent Fraud

XY- Axis Education – Be Aware Of These 5 Banking Scams – Secure Your Hard Earned Money

Note: We don’t have any affiliation with them. We are sharing links only for educational purposes. The opinions expressed by them belong solely to them and do not reflect the views of Vrid.

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DISCLAIMER: This newsletter is strictly educational and is not an investment advice or a proposal to buy or sell any assets. Please be careful and do your own research.

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