Under no condition should you share information like OTPs or your credit card CVV details online, because your bank will never ask for such information.
In the online world we live in, cyberattacks have become more common and sophisticated. A recent media report says that the Reserve Bank of India (RBI) has told banks to beef up their cybersecurity measures due to the possible threat of cyberattacks.
"In the light of credible threat intelligence received regarding potential cyberattacks, regulated entities are advised to put in place enhanced state of surveillance and resilience capabilities to guard against these threats," says an advisory issued by the RBI to financial institutions.
Thanks to the RBI directive, banks are now on high alert. Banks have been told to constantly monitor their systems like SWIFT, RTGS, NEFT, UPI, and the card network.
“Indian banks have long been a target for cyber threats, and the latest warning from the Lulzsec group on Telegram has raised fresh concerns. While major banks have developed robust defences against frequent attacks and are closely monitored by the Reserve Bank of India (RBI), I worry about smaller banks with weaker security measures, which may be more vulnerable to cyberattacks and present a soft target for hackers,” says Ritesh Bhatia, founder, V4WEB a cybersecurity, cybercrime investigations, and digital forensics firm.
We often hear of people getting scammed by fraudsters and losing money from their bank accounts, but when you look at it, almost always it is due to some lapse on the part of the account holder. While the banks will be doing their bit to keep your money safe, there are a few things you can do too. We take a look.
Never Share Sensitive Details With Anyone: Under no condition should you share information like OTPs or your credit card CVV details online. Your bank will never call you and ask for such details. Anybody who is calling you and asking you these details is up to some mischief. To begin with, you should enable two-factor authentication on all transactions where you will be asked for a password and an OTP to authorize your transactions, providing you with two layers of security.
Don’t Be Greedy: A lot of scammers rely on the element of greed that most people tend to fall prey to. Even if someone is telling you that you are eligible for a refund or for a lucky prize and asks for your bank details, you can always be sure that it is a scam.
Do Not Click On Any Suspicious Link: You may get a lot of links on Whatsapp or email, but never click on those links or download an app through them. They could look like the website of a bank you trust, but a closer look will show you that the URL is different. Use only official apps of banks to do financial transactions. Also, it is important that you update your phone’s operating system regularly so that you have the required safety measures on your phone.
Avoid Public Wi-Fi For Financial Transactions: There could be instances when public Wi-FI systems can be compromised. Avoid public Wi-FI to do financial transactions.
Monitor Accounts Regularly: You might be making a lot of financial transactions. Regularly monitor your accounts to check if there is any financial activity. If you notice anything, report it instantly.
A few simple steps can protect you from fraud and keep your hard-earned money safe.