Despite implementing several regulatory and technological protections to avoid fraud in online banking, they continue unabated. Awareness and extreme diligence are the only protection customers can rely on. There are many ways in which fraudsters can breach online security and make fraudulent transactions from your account or e-wallet to withdraw or transfer funds.
Operating savings accounts and even making fund transfers is becoming simpler than ever with cutting-edge technological advancements. Although banks, for their part, continue to tighten security controls, maintaining the security of one’s digital savings account is up to the bank account holder too.
You need to understand that fraudsters and online hackers are often searching for loopholes in bank security systems or looking for some information that can be collected from the savings account holder. Some of the malicious activities include– Identity Theft, Phishing, Cloning, Smishing, and Vishing.
The one common thing required to carry out such practices is your mobile number. Anyone with access to your mobile phone has a greater chance of committing financial fraud.
Here are a few ways you can follow to minimize the risk of savings account frauds:
- Be suspicious of unsolicited invitations, phone calls, or text messages
Scepticism is your best defence against savings account scams. Emails, messages, or phone calls originating from unknown senders and unidentified organizations should be suspicious. It is particularly true if there are connections, attachments, or requests for personal information in the emails. Unless you are able to check the validity of any statements made and never open an attachment from an unknown sender, do not give any personal information.
- Keep a track on your savings account and credit card
Sign up for a credit monitoring programme and make sure to review your credit report once a year. Credit monitoring services also offer a layer of identity fraud security. On top of that, to ensure your statements are correct, you can periodically review your bank accounts.
- Maintain complex passwords and use two-factor authentication
These days, Password123 just won’t cut it. Develop complex passwords containing upper and lower case letters, numbers, and symbols that are at least eight characters long. Avoid creating personal information-related passwords, such as your birthday or mother’s maiden name, and use a separate password for each account. If you have problems keeping track of all your passwords, you can also use a password management app.
- Read the emails attentively
Make sure you pay careful attention to the specifics of your emails to stop phishing schemes. While it can be a tip for email addresses that resemble someone you know but are slightly off, keep in mind that scammers can hack accounts of known senders. Pay attention to other things, such as typos, unfamiliar relations, attachments, and any other language that is awkward or in urgent language. Contact your bank immediately in case of any such suspicion.
- Update your mobile protection software and device
Updating software and devices can also help you avoid savings account frauds by preventing phishing schemes. Installing anti-virus software and keeping your device and mobile phone regularly updated with new software updates released by manufacturers is one of the best things you can do. Since hackers are continually changing, developers periodically release new updates with new security safeguards.
Double Check Everything Related to Online Banking
You need to immediately contact your bank to warn them if you suspect fraud in your account. To avoid further harm, your next move should be changing your passwords, PIN, and other login information. In recent years, many banks have improved their efforts to deter possible fraudulent charges by introducing credit-monitoring features and protections; but to keep yourself safe, you will always need to do your part. It will go a long way if you periodically review your bank accounts and credit reports. This will help you avoid scams and phishing schemes too.
Banks like Axis Bank offer a range of digital savings accounts with easy application and value-added services, including discounts, cash backs, and more. So, build and protect your savings by being cautious and aware!