Heightened banking security during the time of lock-down

The banks are running on skeleton staff. ATMs are recharged with just enough cash. With most of the shops and malls being closed, people are spending only on essentials. Cyber scammers are busy on the phone reaching out to people to get hold of their OTPs and passwords. Scamsters posing as bank managers.

People are home with their families during the nation wide lock-down. This curfew like situation has one service up and running, internet and phone calls. Also as soon as the lock-down is lifted, there is going to be a rush of banking transactions in the branches. Officials working in banks will not have any time looking at complaints of fraud and online money stealing. After all, the OTP and online banking password is sole custody of customer. So let us revisit the safety precautions once again.

  • Bank never calls asking for OTP or internet banking password
  • Do not use the same password for multiple accounts
  • Use a password which is difficult to guess, combination of number, letters and special characters
  • Do not share your password with anyone
  • Change your internet banking password every month
  • Enable 3D verification by asking for OTP for every transaction
  • Keep your OTP phone number a secret and do not share it with everyone
  • Keep a tab on all SMS received on internet banking phone
  • Any person posing as bank manager, please ask for name of the person and confirm the identity with bank officials
  • Always keep the number of your bank branch handy

How does phone call put your money at risk

There are a number of ways your money is at risk. First is your internet username and password. This can be stolen by asking you over phone call or installing a malware on your smartphone which steals your data. But to complete the fraud, they need to get the OTP too.

The way to safeguard is that never to click on any link, especially from unknown sources. Links are usually pushed by SMS, or WhatsApp and email.

Second way to take information is over an official looking email. The bank letter head and official sounding letter with fill in the blanks. At the same time, they will try to take control of your SIM card or change the phone number to one of theirs.

When it comes to transferring money, they can do it from account to account only. Here they can use an unsuspecting person to receive money in their account. Then the withdrawal is done by cash.

With regards to debit card frauds, disable international transactions. Always enable 3D verification, even for small amount. In case any suspicious activity, blacklist the card immediately.

#stayhome #staysafe

Leave a comment

Your email address will not be published.

CommentLuv badge
%d bloggers like this: