Digital frauds – Number 1 fear in todays world. Digital banking has been trending for millions who have grown to love the convenience of just checking their account balances, transferring funds, and more. However, with the use of digital banking also comes fraud risks.
Common Types of Digital Frauds
Vishing or Voice Phishing They call you posing as an employee of a bank to steal your login credentials, OTPs, or PINs.
Phishing (Email Fraud) Fake emails that purport to be from reputable organisations steal your credentials.
Spear Phishing (Targeted Email Fraud) Highly customized scams that pose as your email from the office or family members.
Skimming (ATM & POS Fraud) Skimmers attached to ATM machines or other payment card terminals capture your card information and PINs.
SIM Swap (Mobile Number Hijack) Hackers use your identity to obtain a duplicate SIM and intercept OTPs.
Smishing (SMS Fraud) Malicious links in SMS redirect you to phishing websites.
Website Spoofing (Fake Websites) Duped websites masquerading as your bank’s website scan and collect information from your device.
Malware (Device Virus Attacks) Malware can be installed on your device that will steal all of your sensitive bank information.
Minimum Digital Banking Controls
- Keep Your Login Info to Yourself Never give anyone your login information, OTP, or PIN.
- Report Missing Cards Instantly If your card goes missing or is stolen, report it to the bank right away.
- Do Not Use Public Wi-Fi for Banking Public Wi-Fi isn’t secure—bank via a private, secure connection.
- Do not Respond to Suspect emails/ SMSes NEVER asks for login password through the email or SMS. do not click on suspect links/urls.
- Validate Websites / URLs Input sensitive credentials only on websites whose URL’s begins with “HTTPS”
- Do Not Permit Remote Login Never give remote permission to your computer for use of banking services
If one remains vigilant and adheres to the above straightforward procedures, then he or she will realize benefits from digitized banking while ensuring that his or her money is reasonably safe from the money dishonestly reaping fraudsters. Proactive measures thus ensure saving both your money and personal data.
