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8 Bank Account Safety Tips to Prevent Fraud

  • Highlights

  • Online banking is fast and convenient but to prevent frauds and scams, awareness and precautions need to be taken

  • Never share your bank account details, passwords, OTP, or CVV with anyone

  • Bank employees will never ask you for your account information over the phone or through email

Last week, Rajiv received a phone call. The caller introduced herself as a bank employee and informed him that his online banking account had been blocked. To unblock it, he needed to click on the link that had been sent to him through a text message and enter his account login number and password. Rajiv complied with these instructions, but the webpage went blank and 50,000 Rupee was debited from his account. He soon came to realise that this is one of the many ways scammers are using to defraud people of their money.


Digital transactions, online banking and investment, e-commerce - while these have become the mainstay these days, it is important to remember that fraudsters too have become more active and creative. To keep your finances and personal information safe, it is important that you follow a few bank account safety tips.

Bank Account Frauds to Look Out For –

  • Calls from dodgy entities claiming to be from your bank, insurance company, or NBFCs such as Bajaj Finserv. These scammers use various ruses to get you to reveal your account number, debit card number, online credentials, OTP, CVV, etc.,

  • Fake websites closely resembling your bank's e-banking portals. These web URLs may be misspelled and there will be spelling errors, differences in the logo, branding errors, etc.,

  • Emails or text messages from unknown or unauthorised addresses. These could prompt you to click a link under the pretext of attractive loans or investment opportunities. The link often redirects to a page that gathers personal or financial information that is used for fraud or identity theft

  • Cyber-attacks, viruses, and data theft links pushed through emails or advertisements on social media. These could collect passwords and other sensitive information that could be used to hack into your bank account

  • Data farming through public computers. This is collecting sensitive data through computers on a public network


Bank Account Safety Tips to Prevent Fraud

  1. Stay vigilant on all your account activities. Sign up for SMS and email alerts that can raise red flags in case of suspicious activity.

  2. Check the online banking site URL for HTTPS protocol and ensure that the URL is correctly spelled.

  3. Practice secure password habits. Use a strong password for online banking. Use a combination of alphanumeric and special characters. Use a different password for your banking and other activities. Change the password periodically.

  4. Never reveal account information to anyone over the phone or through an email. No authorised bank employee or staff will ask for your account number, password, OTP, etc.

  5. Install the latest firewall, anti-spyware, antivirus software on your computer.

  6. Never use a public computer or an unsecured Wi-Fi network to conduct digital banking transactions.

  7. If you think you have fallen victim to a cyber-fraud or scam, contact your bank immediately and ask for all further transactions to be blocked. Register a complaint with the local police and ask your bank to initiate the redressal (ombudsman) process.

  8. Learn more about how to prevent frauds. Awareness is your greatest protection.

Stay safe and protected always.

Savdhaan Rahein. Safe Rahein.

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