How to Protect Your Money from Banking Frauds?

There was a time when a person just needed to protect their money from robbers or ensure they don’t lose the cash. However, with the new-age digital payment methods that are popular today, there are cyber criminals in the picture too.
According to a report by the PricewaterhouseCoopers Pvt. Ltd (PwC), digital channels today are susceptible to frauds more than ever. However, this doesn’t mean one should avoid them completely as they do have their advantages.

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Let’s take a look at some of the most common frauds and how you can prevent them:

1. Fake Apps
   Fake apps are one of the most common ways hackers steal an individual’s money. These fake apps look identical to a bank’s official app and so when a user downloads and installs these apps, the hacker steals their banking information to make unauthorized transactions.

   Tip: Never download apps from the links sent to you via suspicious emails. The best way to download the app is to go to the bank’s website and download it from there.

2. Phishing and Vishing
   Phishing is similar to the fake apps frauds. The only difference is that in this the scammer sends you a fake link to a website that looks identical to the official website of a bank. The credentials you enter in the website are sent over to the fraudster who uses it for carrying out transactions.

   In Vishing, the fraudster calls you pretending to be official from your bank and tries to get your sensitive account information such as ATM PIN, etc.

   Tip: Never open any suspicious emails and never reveal your account information, especially the ATM PIN code. A real bank official will never ask you this information, especially on the phone.

3. SIM Swaps
   The fraudster gets their hands on your personal and banking information and then gets your SIM blocked. Then they get a duplicate SIM from a retail outlet of your network provider and are able to receive the OTP required to carry out online transactions.

   Tip: If your SIM is suddenly deactivated, immediately contact your network provider and the bank to block the card.

4. Cloning and Skimming
   When you go to a restaurant or an apparel store and pay with your debit or credit card, a fraudster can use the PoS machine to clone your card details to use the information for making online purchases.

   In skimming, a scammer can tamper with an ATM unit so that when you swipe your card in it, it steals your card information, mainly the PIN and card number and CVV, etc. so that they can make online transactions.

   Tip: Be extra careful when you use your card at ATMs and restaurants. Try to use your cards at ATMs that are inside banks