How to Prevent & Safeguard yourself from online banking frauds?
How to Prevent online banking frauds
One of the most common banking fraud in India is not related to malware or ransomware being installed on the mobile or desktop. Many banks in India including HDFC and ICICI have alerted their customers about this new kind of fraud which involves installation of 3rd party apps to gain 100% control over your mobile device.
Hackers and Scammers are using new techniques to gain access to their victims mobile or computer screen using legitimate softwares such as Teamviewer or Anydesk. Scammers will call your number informing users about some suspicious activity on their banking account or their mobile for which they need access to your mobile.
How does this Banking Scam Works?
- This scam starts from the call received on your mobile where some scammer pretending to be from your bank or Paytm or any other e-wallet. He will give you all the information such as your mobile, date of birth, name and other details which are collected from 3rd party marketing agencies.
- Once receiver is satisfied with the details provided by the scammer, the fraudster will convince you to install either Teamviewer or Anydesk. It could be any other 3rd party APP as well which you are not aware of.
- Scammer will convince you that there is some suspicious activity in your Banking Transaction or your Bank Account/e-Wallet due to which you have to install Teamviewer/Anydesk as a security mechanism.
- Once Teamviewer/Anydesk is installed and codes provided to the scammer, this scammer can take 100% control over your mobile without your knowledge. He/She is able to access each and every move your are making on your computer or your mobile device even if you disconnect the call.
- Using Teamviewer/Anydesk this scammer is able to access each and every move including OTP received/SMS messages received on your mobile or any other email received on your desktop/notebook. He is able to record login details which you are entering for accessing banking website or any other e-wallet site such as Paytm which is a popular e-wallet in India.
How to safeguard yourself from online banking scams?
- Never/Ever disclose any personal data on mobile phone. Always visit your nearest branch if you have received any such suspicious call on your mobile.
- Never/Ever disclose your credit/debit card number to anyone on mobile phone.
- Never/Ever install any 3rd party App which you are not aware of and have never used before.
- If you receive any call related to suspicious transactions from your bank, disconnect the CALL and then Call your bank using TOLL FREE Numbers listed on the website to verify claims.
- Always Note Down the Phone number of the caller and report to the bank if you suspect that the Call which you received was not genuine and appeared suspicious.
- Do not randomly use your Credit Card/Debit Cards on random websites for every single small transaction. Create a virtual card for small transactions. Most of the banks allow you to create virtual cards from your credit card/debit card which will allow you to make a safe transaction.
- Never/Ever keep huge amount of money in your e-wallet.
- If your elders are not comfortable using e-wallet and are not well-versed with mobile functions and technical aspects, do not FORCE them to use these mobile banking apps without help from someone from the family or trusted person by their side.
- Do not APPLY for any FREE Credit Card/Debit Card Offers received on phone and mobile every single day. These FRAUDSTERS can collect your signature, cheque and other necessary details while pretending to be from the BANK whereas they are sometimes not. Always visit your nearest branch and apply for the credit card/debit card from the bank.
- SCAMMERS can call you directly pretending to be your Account Managers or your personal bank managers asking for certain details or to FIX Meetings. Never/Ever allow them to visit your home. Always visit them directly in their respective BRANCH. Only allow them if you have personally met them at the Branch office and you have known them for a long time. Do not allow any new person pretending to be your account manager to visit your house on pretext of giving some new offers or schemes.
These are some of the basic steps which you can take to avoid these SCAMMERS.