Online Frauds Explained

How Is Online Fraud Committed?

The process of utilising an online medium to steal someone's identity, generally to take their money, is known as cyber fraud or online fraud. There are a variety of sorts of bank fraud instances, including:

Hacking: Hackers frequently make fraudulent transactions online using stolen credit or debit card information.

Scammers strive to obtain sensitive data by mimicking you in phishing scams.

Criminals can gain access to your private and personal information, including bank account information, in such data breaches.

How Can You Avoid Being a Victim of Online Fraud?

Because the majority of our financial transactions now take place online, understanding how to protect yourself against cyber theft is critical. Here are some pointers to remember:

Passwords that are easy to guess should be avoided. Instead, construct a 12- to 15-character password that includes letters, numbers, and special characters and is difficult to crack. Also, don't forget to update your passwords on a regular basis.

Instead of writing your passwords on chits in your wallet, phone, or other places, memorise them. You might lose a lot of money if these end up in the wrong hands.

To protect your funds from online fraud, use two-factor authentication using passwords and one-time passwords (OTPs).

Personal information should not be shared on social media. Hackers and fraudsters frequently target social media profiles in order to obtain vital information that may be used to crack passwords. Lock your profiles and change your privacy settings.

Accepting invitations to connect with unfamiliar persons or strangers is an important advice for preventing online fraud in India.

Never reveal sensitive information with strangers, such as your bank account or investment portfolio.

While doing bank transactions, use a secure internet connection, ideally your home wireless network.

When doing online shopping or banking, avoid utilising public Wi-Fi.

Keep a look out for phishing emails. When you receive an important email from your financial institution, bank, or mutual fund, look at the originating email address.

As a responsible investor and individual, you must keep a close eye on your online financial activities and be wary of internet scams. If you believe your personal information has been compromised, you must immediately notify your bank. You can also file a complaint with the National Consumer Helpline.