MillenniumPost
Opinion

Need for sagacity

Smart action is needed to avert the risk of online frauds that are mushrooming as a side-effect of increased usage of varied banking products

Need for sagacity
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Along with digitalisation, there has also been a sharp increase in online fraud. Now Facebook and Instagram have also become means of fraud. Such fraud is being carried out by creating a fake profile of a friend or relative. For the past few years, people have been looking for the answer to their every question on the Google search engine. Fraud is being done through the downloading of browser extensions. This is being done through malware software. The virus is also infecting mobiles and laptops through public charger ports.

Online transactions done through browsers like Chrome, Mozilla etc. are saved on the browser's server as cookies, which needs to be deleted by going to the settings, but due to ignorance people are not doing this and online fraudsters are getting the benefit from saved financial details. Therefore, in the current environment, there is a need to take special care in the use of banking digital products like Debit and Credit cards, ATMs, UPI, Internet Banking, QR codes etc.

Cards

Debit and credit card fraud is basically done through spoofing, skimming etc. Under spoofing, cheaters pretending to be a bank officer or an officer of a credit card company, carry out the fraud with the help of the user's mobile number, card number, CVV etc. Under skimming, during card payment, by swiping the card in the skimmer, the fraudsters cheat by making duplicate cards. However, due to better security features in the improved version of the card, such frauds have come down nowadays. In this connection, the user should take special precautions while using contactless cards, which include both debit and credit cards that have a Wi-Fi mark on them and allow payments up to a certain amount without entering a PIN or OTP.

ATM

Criminals can install skimmers at ATMs where they swipe cards. So, before swiping the card at the ATM, drag that spot a bit. If the skimmer is installed, it will come out and come in hand. A skimmer can also be installed in the keypad of an ATM. So, try pressing one corner of it. If the keypad has a skimmer, one end of it will be raised. However, due to better security features in new ATMs, the incidents of such frauds have come down. If the ATM card is not working, do not take the help of an unknown person for help. Bank phone numbers, customer care numbers and ATM numbers are written in every ATM booth. Call the helpline immediately in times of crisis. While withdrawing money from ATM, keep in mind that no one is standing near you. State Bank of India has introduced the facility of sending OTP on mobile and cardless cash to withdraw Rs 10,000 or above from an ATM. Other banks can also adopt this method, as there is less scope for fraud.

UPI

UPI has completely changed the payment system. Now there is no need to enter your name, bank account number, IFSC code, branch code etc. for payment. If the mobile number of the person making the payment is saved in the user's mobile, then for payment, just select his mobile number and click. A money request facility is available in UPI i.e., any other person can send a request for payment. Thereafter, the money gets transferred to the requester's account with just one click. However, the alert notification feature is available on the app, which informs the user about such requests. Suspicious requests should be rejected immediately by the user, but ignorance often leads to mistakes.

Internet banking

For the safe use of Internet Banking, it is necessary to keep a strong password and change it from time to time. Also, it should not be used on mobile or public Wi-Fi or public desktop. If users take these precautions while using Internet Banking, then fraud from Internet Banking can be avoided.

QR code

QR is a type of bar code, which is read by a machine. Paying through a QR code at the shop is less risky but paying to an unknown person increases the risk. Scammers send text messages to defraud people, in which they are asked to give rewards or offers to the users. The user is asked to open the QR code and enter the PIN of UPI to receive the prize or offer. Since the information inside the code cannot be decoded without scanning the QR code. Therefore, the user should carefully read the text that appears after the scan.

How to avoid fraud

To avoid fraud, always keep the customer care number of the bank with you, write down the account number, customer ID number, card number etc. in the diary and keep it safe at home, don't give any card related information or OTP to anyone, don't save financial information in the phone, check the bank account and credit card statement regularly, install apps from the official app store and check logo's design and spelling thoroughly, install antivirus software in computer and mobile & also scan their systems regularly, use only one card abroad and set its limits, don't be tempted by cashback or refund schemes, read bank messages regularly, don't use public Wi-Fi, format the mobile before selling it to anyone, and turn on the mobile's Bluetooth only if needed, etc.

After fraud

Block the card immediately after being cheated by calling customer care of the bank or visiting the bank. Take the help of cyber experts and get the FIR registered. Attach the printout of the transaction received in the SMS with the FIR. Whether the user is educated or illiterate, all are falling prey to online fraud. Officials, judges, ministers, Police officers, no one can escape from this. Bank's digital products are the medium of online fraud. So, understand the nitty-gritty of digital products as well as be alert. Knowledge, awareness & alertness can only save you from online fraud.

Views expressed are personal

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