Protection Against Frauds in Online Banking

  • 2 December 2016 | 1271 Views | By Mint2Save
Internet Banking Frauds

The facilities provided by introduction of on-line banking facility have lured account holders for the ease in banking proceedings by letting them get rid of :

  1. Going to bank campus or even A.T.M.s.
  2. Waiting time for transaction finalization.
  3. Time binding, i.e. ,performing banking during banking hours only as facilitates banking be done any time in a day(24 hours, meaning even in odd hours at night).
  4. Going to campus of offices of general facilities  providers like electricity deptt., water supplying agencies, telephone service providers and so on, to make payments for the bills raised by them.

In a nutshell, it can be realized that the bountiful advantages provided by the facility of “online/internet banking” to those, who need banking services quite often. You need a smart phone and access to the internet which are a common resource.

But, as we all know that the life is not a bed of roses nor all people are honest and sincere. If there are intelligent and hard working persons to work earnestly, sincerely and honestly for the benefits of the society (i.e. good persons) then, there are persons with the same intelligence, hardworking but with ill-intentions and malice as have an aim of earning a lot of money and other amenities  through the way of cheating and committing fraud. Such persons steal or rob your money sitting pretty somewhere unknown to you; near to or far from you.

It has been revealed by a payment making agency who toiled for around five years that cheats / frauds have played their game all round the world, not only  any one country to mentioned to in specially. The outcome of the studies is that 42% of total frauds have been suffered by China, 44% by United Arab Emirates and then rest of shared by India and U.S.A and others.

One of the most common methods of fraud is cloning of your card for which a cheat will pretend as a bank officer and urge the card holder to disclose the card details,PIN(Personal Identification Number) over the phone feigning need to upgrade your card or face the cancellation of the card with in no time if card holder does not cope up with the cheat.

The poor victim who gets trapped in the web of cheat discloses everything to the cheat who, in turn, makes a new card and robs the card holder by getting his withdrawn of transferred into cheat`s account .

Another trick played by cheat is usage of the Skimmer. The cheat fits a skimmers into the A.T.M. and gets all details of the card holder and make a clone of the card and robs the card holder`s money.

Quite often, in malls and hotels etc., wherein payments are made, the card is snapped (Photo of the card is taken) by cheats (who may serve there as employees or so) and easily a clone of the card is made and the fraud/ cheating is committed.

Therefore, please ensure that:

  1. PIN of your card is kept by very secret. Never disclose your PIN to any in person or over telephone as no Officer is authorized to ask for furnishing details of your card on behalf of the bank or card issuing/ payment making agency.
  2. Always prefer cash on delivery while going f e-commerce/trade/purchases as far as possible and never share card details no matter what an e-commerce site asks for.
  3. Always take a close look at the slot of the A.T.M. /POS machine. If any tape or its residue or any other thing is noticed, get the doubts cleared before moving further. Remember, all credit, and or, debit card issuing agencies do provide a toll free services on 24×7 basis to help you in case you are difficulty, in case you find yourself in any odd situation.

Never waste time in lodging  a complaint of report in case you lose the card by way stealing, robbery, misplacement and, so on. It make free from all further obligations and objection/doubts  that may be raised by any agency.

As far as possible, do not carry card with you without need. Do keep a record of transactions made through card. Never hand over your caed to any in causal manner and, do shred the receipts received through A.T.M. or so.

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