How to be safe from online and phone frauds?

As technology continues to advance, banks are offering customers cutting-edge features that enhance ease of operations, enabling seamless transactions. Yet, these conveniences also introduce the risk of fraud. It is crucial to remain vigilant against such threats and adopt proactive measures to safeguard themselves. Here are some strategies to mitigate such risks.

Ø Strong passwords

It’s essential to establish robust passwords and regularly update them. Avoid easily guessable passwords. Enhance security further by enabling two-factor authentication. This involves providing a second form of verification, typically an OTP sent to a registered number, in addition to the password.

Ø Phishing attempts

Users must remain vigilant against unsolicited emails and texts that request clicks on suspicious links or solicit personal or bank details. Similarly, phone calls seeking sensitive information or financial transactions should undergo double verification for authenticity.

Ø Regular checks on accounts

Regular monitoring of bank transactions is a must to detect any suspicious activity, which can be reported to bank authorities. Transaction alerts, biometric authentication, and device recognition adds an extra layer of protection.

Ø Secure devices & networks

Keeping banking apps updated with the latest security patches is essential. Devices used for online banking should have up-to-date antivirus software installed. Avoid conducting banking transactions over unsecured public Wi-Fi networks, which are susceptible to hacking.

Points to note

· One should stay informed about common online and phone banking scams so as to identify the red flags and avoid potential frauds.

· In case of a suspected fraud, one should immediately report the incident to the bank and to the police.

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