As our society moves closer to digitization, thieves have changed their strategies. These days, digital payment is used for everything from paying a neighborhood vegetable vendor to making significant purchases. In India alone, there are 13,000 bank scams in the first half of 2023. Value-wise, the whole scam was believed to be close to 300 billion Indian rupees [Source Statista]. Therefore, using online safety precautions is essential. We’ll go over some advice that can keep you safe from online fraud.
Tips on being safe from online fraud
Update your password
- By periodically changing your password, you can fend against hackers. Changing passwords often helps lower the danger of getting hacked, especially if a hacker has been trying to access your account for some time. You should always choose a complex and powerful password over a simple one.
- For each service, use a separate password. Today, many major banks provide you the option of creating two unique passwords: one for logging in and the other for processing transactions. So, to protect yourself, create unique passwords.
Always use your personal computer
- Be it carrying an online transaction, net banking or simply checking your account details, always use your device. It is not difficult for hackers to store the login details which you enter on a public computer. This is the easiest way you could become victim of a fraud.
- Additionally, keep your computer safe. Use official anti-virus software. Avoid downloading any file sent by an unknown email or if you are not sure of its purpose. Online frauds don’t just happen when you are carrying out transactions. Many times hackers will manage to download malware into your computer to gather your financial information over a period before they carry out fraud.
Stay alert
- Creating a sense of rush and panic can help hackers succeed. You could get notifications warning you that your power might be cut off if you don’t pay your electricity bill or that your account might be frozen if you don’t pay your bank fees. In these circumstances, individuals panic and act without thinking. They immediately use the link given in the same message to make an immediate payment rather than checking the date of their most recent payment. This is only one method hackers use to incite fear. When a friend or family member’s phone is compromised, the hacker may occasionally send messages pretending to be the person you know and asking for urgent money via messages.
- It’s crucial to exercise caution and common sense in this circumstance. Even if you get a message asking you to pay anything, like a light bill, go to your provider’s official website and input your customer number to get the information and pay there. Make a quick call and confirm with your friend or member of your family requesting you to transfer the money.
Points to remember
Below are a few questions to ask yourself and points to remember before proceeding to make any bank transactions.
- Ask if the information is required to provide to continue payment or continue to be on the website.
- Ask if the website has security certificates. The website which has “S” after the acronym “hppt” is the one having a security certificate.
- Cross-verify your transaction amount and the amount of your bill.
- Pay through well know payment gateway.
- No details such as your bank customer ID or username are required for carrying out any payments. [ Apart from possibly logging into account] be aware if such information is asked. Most likely it could be a fraudulent website.
Make use of banking tools
- All banks send you an SMS update almost every time you use a bank service, especially when making a transaction. People typically ignore these communications, and you can’t blame them. It is more tempting to disregard communications when there is OTP or a constant stream of spam. But simply taking a few more seconds, you may prevent being a fraud victim. The notification can relate to an ATM withdrawal or log in details for a new gadget. You may avoid fraud by reporting this to the bank.
Inform Cyber security
- The greatest thing you can do for yourself if, regrettably, you have fallen victim to internet fraud is to file a report with the police and cyber security divisions. Knowing how many individuals choose not to complain is astounding. Many individuals tolerate and disregard their fraud. But by complaining, you not only protect yourself but also a great number of other innocent individuals who could later become victims.
- You can give a miss call on 14440 if you have been a victim of online fraud but are unsure of what to do next. If you phone this RBI-issued number, you may learn more about what to do next after becoming a victim. If you want to know more about that click here.
- Making our digital economy safe is crucial, and doing so requires that any suspicious activity be reported to the concerned department.
Finishing lines
Thieves constantly find a way to rob you every single time. From pickpocketing to bank account hacking. To protect ourselves against online fraud as we go farther into the digital era, we must educate ourselves and others for our safety.