In today’s ever-changing digital environment, our everyday lives are linked to online financial transactions. Everything works on internet & social media transactions for getting done with all personal & commercial activities. So, whether we shop online or make quick payment transfers, you can put our money into an online wallet & make instant payments. However, we must realize that you cannot totally rely on debit & credit cards if you don’t pay attention to safety measures. This digitalization phase has brought about several sham websites & the birth of cybercriminals. And this way too many people lose their hard-earned money.
Here's how to stay safe from mobile banking frauds at large:
1. Keep a close watch on your phone's latest operation system updates. It is best to keep your phone updated with the newest security firewalls & systems will keep your phone away from too many foreign attacks. Of course, don’t be scared of using mobile banking, however, develop safe habits. Do not even unintentionally store account details on your mobile phone.
2. Always keep your app notifications switched on so that you keep getting tinkles on unauthorized access. A timely alert helps to act upon it whenever such a situation arises. A quick notification will enable you to monitor unauthorized visits on time & prevent all kinds of frauds. Avoid storing details like account number, debit, and credit card PINs on your mobile device. And if you use a banking app, then don’t save the username & password for automatic log-in.
3. Keep away from SMS phishing acts. Many times, fake SMSes are sent to people's mobile phones which ask you to claim a lottery prize, reward, free gifts so and so forth, redirecting them to fraudulent sites. These websites call for personal information, hack your accounts & breach your confidentiality & privacy. Every click on malicious links will get you into trouble. If you someday find an interesting emailer by your bank, don’t fall for it easy! It could also be a fake website designed to befool the customers for a deal that never existed.
4. Next in line is voice phishing where a bank representative asks for your account information including PIN, passwords, OTPs, numbers, email id, etc. This is online fraud is commonly heard of these days. Always remember that banks never ask for such confidential information until there’s a relevant query from the customer.
5. Another kind of fraud calls tempts you to take guarantee-free loans at 0% rate of interest & no hidden costs. However, their intention is primarily to feed your personal information & loot your money in the name of pre-approved loans.
Note: Stay away from using your mobile banking when you're on a public network or free WIFI hotspots. Stick to your network provider or a password-protected WiFi connection. Set up a strong screen unlock pattern, a number-based, or a text-based password for further security.
It is best to use official applications only. The existence of duplicate or stuffed apps has also led to a sharp increase in online banking frauds. We need to stay awakened about the fraudulent nature of such apps with stealing capabilities. Therefore, beware when you download apps to shirk malware at level 1 itself.