Times have been changing, and people are no longer using cash to make payments. With the availability of cutting-edge technology, masses can efficiently operate their bank accounts and make easy fund transfers.
Nevertheless, with the ease of operations, an aspect that deserves keen attention is the safety and security of bank accounts. While banks exercise strict security control measures, individual account holders must maintain the security of their performance.
Saying all this holds importance because online hackers are always on the prowl and look for loopholes to satisfy their laundering thoughts. Some of these fraudulent practices are phishing, vishing, theft, and cloning. And, the worst part is that these evil actions take place from your phone number.
But, what are the major frauds that relate to money? Stick on to know:
- #Trick 1: Phishing:
Phishing is a practice wherein fraudsters catch fish by throwing bait into the water. In the world of banking, this fraud involves stealing personal information. Note that this can be anything like a customer ID, internet PIN, debit card, card expiry date, or CVV number.
Using sensitive data, fraudsters make unauthorized transactions from the individual’s credit card, bank account, or debit card.
At the same time, there can be many methods of securing your payment gateways like not using public wifi, strengthening your devices and password, and using an apt software. For instance, using HPS-Worldwide, you can protect your payment value chain by enabling innovative payments. Also, cross-check the URL by accessing the credit card or bank website. For example, check if there’s an “s” at the end of the URL “HTTPS://”. It is because “s” stands for “secure”, which means that the page is secure and encrypted.
Also, make sure that you don’t send or receive any sensitive information related to your bank account or card details through email or phone.
- #Trick 2: Smishing:
The next time you receive an SMS on your cell phone, it is wise to treat it carefully as it has the possibility of being a Smishing operation. In smishing, people generally receive fraudulent SMS on their cellphones. But, the story doesn’t end here. Yes, there’s a link that asks people to click on it.
While the process may seem to be as simple as opening the link and closing it, know that it isn’t. It is because when you visit a fraudulent website, there may be malicious content. And, fraudsters may download this content to your mobile device with complete ease. Fraudsters can easily capture data from your phone once they have access.
Thereby, make a point to never share your financial information or personal information through SMS, email, or call. And, if you get a message from an unauthorized place, report it to the bank immediately.
- #Trick 3: Skimming:
It is always wise to be extra cautious while using credit and debit cards. Or while swiping the same at the merchant establishment.
Fraudsters are always one step ahead of you. They clone your card to obtain the card details for carrying unauthorized transactions. Cloning is when scammers copy the card details through technology and then transfer the same to another card. Cloning is also famous under the name skimming.
Thus, always run a check on the ATM keypad. Also, look for hidden cameras, if any. Register for Email and SMS alerts to stay informed about unethical activities.
Vishing and Identity theft are some other ways in which fraudsters pave a path to your security. And that’s where fraud monitoring holds the maximum value. Also, ensure to follow some tips for ensuring top-notch security on an individual basis.
After all, it’s about having the proper protection at the right time.