Banking Frauds

Protect yourself from online banking fraud 

Use Strong Passwords—and a Password Manager

·   Passwords are your first line of defence—protect them well.

·   Most people manage dozens of passwords (studies show an average of 80+), which can be difficult to juggle.

·   Use a password manager to:

o   Create strong, unique passwords for each account.

o   Securely store your passwords so you don’t have to remember them all.

·   Avoid using easily guessed information like:

o   Birthdays (yours or your child’s)

o   Pet names

o   Common words or number patterns

·   Always use different passwords for different accounts. This prevents a breach on one account from compromising others.

·   Prefer to create own passwords? Check out trusted guides on how to make them strong and secure.

Use Two-Factor Authentication (2FA) for Extra Security

·   Two-factor authentication (2FA) adds a second layer of security beyond just password.

·   It combines:

o   Something known password.

o   With something have (like a phone or email access)

·   The second factor usually comes as a one-time code sent via:

o   Text message

o   Email

o   Phone call

·   This makes it much harder for hackers to access your account, even if they know password.

·   Many banks and services already support 2FA—check account settings or contact support to enable it.

Avoid Phishing Attacks and Stay Safe Online: Key Tips

🔒 1. Be Sceptical of Emails Inbox

·   Phishing is a common method scammers use to steal personal and financial info.

·   These emails can range from obvious frauds (e.g., fake lottery winnings) to highly sophisticated fakes that appear to come from trusted sources like bank or a major retailer.

·   Watch for these red flags:

o   Slightly altered sender email addresses (e.g., extra words, misspellings).

o   Unusual requests for personal information or urgent actions.

·   What to do:

o   Don’t click on links or download attachments.

o   Contact the organization directly using verified contact details (like from their official website).

2. Be Cautious of Suspicious Phone Calls (Vishing)

·   Vishing (voice phishing) involves phone calls from scammers posing as banks, tech support, or other institutions.

·   They may claim there are issues with account or try to get verify personal information.

·   What to do:

o   Politely hang up.

o   Call bank or service provider using a trusted phone number to confirm the issue.

o   Never give out personal or financial information over a call didn’t initiate.

 3. Avoid Financial Transactions on Public Wi-Fi

·   Safer alternatives:

o   Wait until it is on a secure home network.

o   Use a VPN (Virtual Private Network) when using public Wi-Fi.

o   Use your smartphone’s data to create a personal hotspot.

o   Use your bank’s mobile app on your phone’s network.

 4. Stay Aware of Your Physical Surroundings

·   Even with a secure connection, someone can steal information by simply watching over shoulder.

·   Be mindful of environment when entering sensitive information in public.

·   Update Your Software Regularly
Keep your operating systems and apps up to date on all devices — computers, smartphones, and tablets. Many updates contain critical security patches that defend against new cyber threats.

·   Lock Your Devices
Use built-in security features like PINs, passwords, fingerprint recognition, or facial recognition to lock devices. This is essential in case device is lost or stolen.

·   Install Comprehensive Security Software
Use reputable online protection software to safeguard against malware, ransomware, spyware, and other cyber threats. It also helps protect your privacy and identity.

·   Use a VPN (Virtual Private Network)
A VPN encrypts your internet connection and keeps your online activity private, especially when using public Wi-Fi. It essentially turns an unsecure network into a secure one.

·   Monitor Your Credit and Financial Transactions
regularly check credit reports and bank statements to detect suspicious activity. Many online protection tools offer monitoring services and will alert you to any changes — even across investment, retirement, and loan accounts.

Reporting Cyber Frauds: What to Do Immediately

·   Stay Calm
Do not panic if you become a victim of cyber fraud. Quick and calm action is crucial.

·   Report to Your Bank Immediately

o   Contact your branch immediately.

o   Use only the official phone numbers listed on your passbook, account statement, or the Bank of India website

·   Block the Transaction and Report Online

o   Call the cybercrime helpline 1930 immediately to initiate blocking of fraudulent transactions.

o   Register your complaint on the Government of India Cybercrime Portal:
https://cybercrime.gov.in

·   Why Early Reporting Matters

o   Quick reporting can significantly increase the chances of recovering your lost funds.

o   The portal is actively monitored by law enforcement agencies, banks, and payment apps like Paytm, Google Pay, etc.

·   File a Formal Complaint

o   Submit a written complaint to your branch within 3 days of the incident.

o   Include all available details (e.g., transaction ID, screenshots, dates, and communication records).