Prevent Banking Fraud: Safest Transaction Practices and Tips

Banking fraud is an increasing concern, and ensuring the safety of your transactions is crucial. This article provides practical and effective measures to help you avoid banking fraud and maintain the security of your financial activities.

Segregating Savings and Salary Accounts

One of the most effective ways to protect against banking fraud is to maintain two separate savings accounts. You can either choose accounts with the same bank or opt for a different bank for your salary account. This approach allows you to separately manage payroll and savings without the risk of unauthorized access.

Secure Your Savings Account

For your savings account, apply only for a cheque book and close all other options such as net banking, phone banking, and debit cards. Keeping a maximum amount in this account ensures that your funds are less exposed to risks. Also, make sure to give standing instructions to the bank that you will operate this account only through cheques. Store your cheque book securely in a lockable place to prevent unauthorized access.

Manage Your Salary Account Prudently

On your salary account, all options including net banking, phone banking, and debit cards can be used. However, maintain a minimum amount in it and transfer the balance as needed. This allows you to access your funds easily while ensuring your savings account remains secure.

Online Banking Safety Measures

For online banking transactions, it is essential to take additional precautions. Use a virtual keyboard when entering your user ID and password to prevent keylogging. Changing your credentials every 2-3 months further enhances security. Additionally, never disclose your debit/credit card number, CVV, or any other sensitive information over the phone or through any unknown channels.

Protect Personal and Public Devices

Avoid sharing your ATM or credit card details with anyone. Never use internet banking on public computers and ensure that your PC and smartphone software are up-to-date. Maintain a robust antivirus and anti-malware software to protect against potential threats.

Monitoring Your Account

Regularly monitoring your account is key to detecting and preventing fraud. Most banks and financial institutions offer services that notify you when your debit or credit card is used or when significant transactions occur. By staying vigilant, you can catch any suspicious activity early and take immediate action.

Contact Information for Immediate Assistance

If you suspect fraud, it is crucial to take immediate action. Contact the nearest fraud assistance service or police. The contact number is 7620722889/9766695099. For further verification, please also contact the police. If you have experienced a fraudulent transaction, the account in question will be debited, as in the case of A/C No.xxxx6262, which was debited by Rs. 3500.00 on 20-FEB-2019. The details of the transaction include DNAS0080/471287XXXXXX9571/905023016781. The current balance of the account is Rs. 340.43 CR and AVL Bal is Rs. 340.43.

To further ensure your safety, never share your personal information and always maintain a cautious approach while conducting financial transactions.