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Online banking fraud: 7 tips to ensure fraudsters can't swindle your money

Online banking has reduced customers tensions for basic transactions and allow individuals to conduct financial transactions on a finger tip via the Internet. However, along with a bunch of ease, online banking comes with risk and fraud threat. Here are 7 online banking tips you must follow to avoid fraud

India TV News Desk India TV News Desk
New Delhi Updated on: July 14, 2019 15:49 IST
Online Banking Fraud: 7 things you must do to avoid online
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Online Banking Fraud: 7 things you must do to avoid online fraud

Online banking has reduced customers tensions for basic transactions and allow individuals to conduct financial transactions on a fingertip via the Internet. Online banking is also known as internet banking or net banking. However, along with a bunch of ease, online banking comes with risk and fraud threat.

Notably, with online banking, consumers aren't required to visit bank brand for the transaction as they can do all of the basic transaction at their own convenient on a smartphone to the laptop-- at home, at work, or on the go.

For net banking, individuals require to have a proper internet connection and a bank or debit card or net banking user I'd and password. However, due to the open nature of the internet, online banking is inherently subject to risks such as online theft like phishing, hacking, and others.

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Every year over thousands of people reports of being duped via online banking fraud.  However, RBI had issued several measures to prevent banking frauds. Well, if you are an online banking user, then you must follow these tips to avoid net banking fraud.

India Tv - Online Banking Fraud: 7 things you must do to avoid online fraud

Online Banking Fraud: 7 things you must do to avoid online fraud

Here are 7 online banking tips you must follow to avoid fraud:

  • Avoid hackers calls or emails:

Online banking user must not entertain any calls or text messages from unknown numbers regarding banking details. If fraudster calls you with as a bank representative; do not share your bank details at all.

  • Keep Net Banking PIN and passwords secret:

Customer to make sure to keep the strong password of your online banking user name and should keep it secret. Do not give id and password to anyone or write them down on paper, in an email or in a text message. As fraudster can easily intercept it.

  • Change passwords periodically:

One should keep changing their online banking password every few months. In fact, it should be changed every three months at least.

  • Don't share bank details over the phone:

Your bank never calls you requesting your account numbers, PINs or passwords ever. If you receive such call then you should immediately hang up and call your bank directly.

  • Do NOT use public computers for online banking:

You should strictly avoid conducting transactions through online banking on public computers like a cyber cafe. Even if you make sure no one sees your screen and log out carefully, the fraudster can hack your account anyway and find ways to record your activity.

  • Do not click on links embedded in emails or text message:

Hacker may send to links on the registered email I'd or SMS on the mobile number. Clicking on the link may let scammer get unauthorized access to your account.

  • Report lost cards immediately:

If you lose your debit or credit card then report bank about it to prevent fraud before it can happen. As soon as you realize your card is missing, call the bank and block the card and ask them to send you a new one.

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