Cyber safety tips to avoid banking frauds.

By Kriti Singh

In the financial year 2023, there were a total of 13,530 cases of fraud in the banking system. Nearly 49% of these cases, which is about 6,659 cases, were related to digital payments like using cards or the internet.

If you become a victim of cyber financial fraud, you can report the incident in two ways:

  • Call 1930: You can call the number 1930 to report the fraud.
  • Use the National Cybercrime Reporting Portal: You can also go to the website www.cybercrime.gov.in and sign up as a new user. After registering, click on “Report Cyber Crime,” choose your state, and then follow the instructions.

Here’s how to report on the National Cyber Crime Reporting Portal:

  • Visit www.cybercrime.gov.in and create a new account.
  • Once you have an account, click on “Report Cyber Crime.”
  • Choose your state from the options.
  • Follow the instructions provided.

Reporting the fraud promptly is really important. If you report it quickly, there’s a better chance of getting back the money that was taken.

However, given the alarming rate of online banking frauds in India, it’s essential to take proactive steps to safeguard your financial information and prevent falling victim to cybercriminals. One highly effective tip to enhance your cyber safety is to consistently monitor your financial accounts and statements. Here’s how you can put this into practice:

1. Regular Account Monitoring:

Frequently review your bank and credit card statements. By carefully examining your transaction history, you can swiftly identify any unauthorized or suspicious activities. If you notice unfamiliar transactions, contact your bank’s customer service immediately to report the issue.

2. Online Banking Alerts:

Opt to receive transaction alerts and notifications from your bank. These alerts can be sent to your email or phone, alerting you whenever there’s a transaction, withdrawal, or change in your account settings. Timely alerts enable you to respond swiftly to any suspicious activity.

3. Check Credit Reports:

Regularly check your credit reports from major credit bureaus. This practice can help you detect any unauthorized accounts or credit inquiries that might indicate identity theft or fraudulent activity using your information.

4. Use Strong Authentication:

Whenever possible, enable two-factor authentication (2FA) for your online banking accounts. This adds an extra layer of security by requiring a secondary verification, such as a code from a text message or an authentication app, in addition to your password.

5. Secure Devices and Networks:

Maintain the security of the devices you use for online banking. Keep your operating systems, applications, and antivirus software up to date. Additionally, avoid conducting sensitive transactions over public Wi-Fi networks to reduce the risk of interception.

6. Be Cautious of Phishing:

Remain vigilant against phishing attempts. Cybercriminals often use deceptive emails or messages that mimic legitimate institutions to trick you into revealing sensitive information. Always verify the source before clicking on links or sharing personal details.

7. Strong Passwords:

Create strong, unique passwords for your online banking accounts. Refrain from using easily guessable information like birthdays or common words. Combining upper and lower case letters, numbers, and special characters makes your passwords more secure.

8. Protect Personal Information:

Exercise caution when sharing personal information online. Avoid oversharing on social media platforms, as cybercriminals can exploit this information to target you.

9. Regularly Update Contact Information:

Ensure that your bank has your accurate contact details, including email and phone number. This can be critical in case they need to reach out to you regarding suspicious account activity.

With the rise of online banking frauds in India, being proactive and vigilant is paramount. By following these guidelines and regularly monitoring your financial accounts, you can significantly reduce the risk of falling victim to online banking fraud and enhance your overall cyber safety.

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