Tips to protect your Bank Account against scammers
In the digital age, the threat of fraud has become a significant concern for many. While the entire world is switching from traditional to Digital Banking methods, sadly, there is a rise in scammers using sophisticated tactics to obtain sensitive information. It is crucial to be vigilant and informed to protect yourself from falling into these traps.
By understanding the common methods fraudsters use to collect information and taking proactive measures, you can safeguard your Bank Account details and other information. They use various methods to exploit unauthorised transactions and identity theft. Key targets include:
Account details
Details, such as your Bank Account number and associated personal information, are prime targets for fraudsters. This information can be used for unauthorised transactions or identity theft. You should monitor your account statements regularly and immediately report any suspicious activities to the bank. Only share them over the phone or through secured channels.
Passwords
These are a fundamental part of online security. If compromised, they can give scammers access to your account. You should use complex passwords, including upper- and lowercase letters, numbers, and symbols. Change them regularly. Avoid using your birthday, name, or other related information as a password. Use different passwords for every account.
Card details
Your card details, including the CVV, PIN, and expiry date, are highly sensitive information that fraudsters can exploit. Keep these details private from anyone via phone, email, or SMS. When making online purchases, ensure the websites are secure (look for “https” in the URL). Monitor your card statements and immediately report any unauthorised transactions to your bank.
One-Time Passwords
OTPs are designed to protect your transactions while opening a Zero-Balance Account online. However, fraudsters may trick you into sharing these through deceptive calls or messages. No legitimate bank or service provider asks you for OTPs over the phone. Always keep them confidential and be sceptical of unsolicited requests for them.
Best practices for staying safe
If you want to keep your Bank Account details safe and protected against fraudsters and scammers, you must follow certain practices and use your account carefully and wisely. These measures include:
- Do not share sensitive information
Never share account details, passwords, and OTPs with anyone through SMS, calls, or emails. Always verify the requestor’s identity.
- Be sceptical of unbelievable offers
If an offer sounds too good to be true, it likely is. Before responding, verify such offers directly with your bank.
- Protect your devices
Use reliable firewall and anti-virus software, and regularly update them. Avoid downloading from untrusted sources.
- Monitor your accounts
Check your Bank Account statements and balance regularly for unusual activity and set up transaction alerts. Report discrepancies to your bank immediately.
Conclusion
Staying informed and vigilant is your best defence against fraud while protecting your personal and financial information. Always check the channel’s security and reliability before proceeding with a transaction.