Dec 30, 2017

How do I protect myself from Mobile Banking Frauds?


Stay Alert - Series 5

There was a time when we use to visit a Bank Branch physically to deposit Cheques, withdraw money or to avail any other service. 

Now Banking has entered in an Era of Virtual Banking via Digital Technology. The time has come when we talk about Banking and its right there in our Pocket. Worldwide, Banks are expanding their online operations; even some are operating exclusively online.

On the other hand the Mobile Banking Fraudsters are sophisticated and Tech savvy. These thieves are always one step ahead of us and can go to any extent to steal our hard-earned money. The instances of Mobile Banking Frauds are growing with the increasing number of people using this Technology.   

What are the threats we are facing while using Mobile Banking

1. The Fraudster steals User’s Mobile Banking account details and operates the account in our place.

2. These fraudsters have the expertise in accomplishing Banking transactions from their own mobile device as well.

3. They send malwares or Viruses to take access of our Mobile device. 

4. Once the fraudster has our number, they can call the Bank and can access our Bank accounts without any difficulty as we keep very easy questions for Security checks instead of tricky ones.

It’s difficult to find any system in the World which can guarantee 100 % protection from these Fraudsters.

How to protect ourselves

By applying below specified security measures we can mitigate the risk.

·Always enable mobile handset password.
·Never open the Pop-ups.
·Always type and open web page to access sites.
·If finding any change in online platform always ensure contacting Bank to check before processing any transaction.
·Never ever share password or Mobile Banking Pins or any personal information via E-mail or SMS.

Conclusion :

Always follow the instructions from your Bank and Mobile service provider to enjoy the Mobile Banking Facility carefully. But with such a growth in Digital World, the fraudsters are experimenting rigorously with Technology and never stay behind.

Stay Alert, Stay Safe.

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