If you have a Bank Account, then definitely you would also have a Debit / Credit Card. Banking Services have undoubtedly made our lives a lot easier than ever but there’s a famous quote which says, “In every seed of good there is always a piece of bad” for instance; credit / debit cards – of course they have made our lives easier but there are dozens of scammers hanging around while finding their next victim.
These scammers can not only breach anyone’s privacy but they can also use anyone’s bank account without the account holder’s consent. Hence, it is very important to make sure that your Bank Account is safe & secure and you are taking all the security-measures to keep it protected.
In this article, we are going to share complete details of scams/frauds that the scammers use as before jumping-in towards our security-measures tips, we first need to find-out about the scams that the fraudsters use to breach someone’s data or use someone’s account without their consent.
Skimming is a crime basically, of receiving private details about somebody’s credit card used in an otherwise normal transaction. The fraudster can procure victim’s card number with the help of various methods such as photocopying transaction receipts or by using a small electronic device known as (Skimmer) to store hundreds of card numbers.
2. Identity Theft:
Identity Theft is another crime which is now-a-days quite popular amongst the fraudsters which actually has two (02) sub-categories:
(a). Application Fraud(b). Account Takeover
3. Application Fraud:
Application Fraud occurs when a scammer uses stolen or fake credentials to open a bank account on another person’s name. Criminals may create fake docs and by using those fake docs they can open a credit card account on loan account on anyone’s name and can easily draw it.
To combat this issue, the government has now taken a very useful initiative to secure all citizens information. Customers will now need to visit their banks for biometric verification of their accounts, whereas non-verified accounts will automatically be blocked after 30th June 2019. Find details here
4. Account Takeover:
Account takeover usually occurs when criminals act as a genuine customer and gain control of an account to make unauthorized / illegal transactions This way, criminals can easily takeover any account and can also access any information that they can use to impersonate the victim such as he can contact the bank to update/change the victim’s contact details i.e. Address, Phone number, Email – so on and so forth.
5. Card Not Present (CNP Fraud):
Card Not Present Fraud is something which can be occurred against any card holder by using email or telephone service. The hacker/criminal will only need to have the victim’s bank account number along with card expiry date. This scam basically enables them to make credit/debit transactions without having the card physically.
Scammers know a wide range of tricks to make victims giving them their personal / card information for instance; they pretend to be an employee of a reputable bank or a payment system. Telephone phishing is quite common now-a-days in which a Customer Care Center is setup where the fake Customer Care Representatives pretend to be associated with a banking firm or a payment system. This way, they get all of the victim’s personal details to misuse their cards.
7. Stolen / Lost Cards:
In case, if a victim loses his/her valuables i.e. Mobile Phone, Credit Card, Debit Card etc. to a snatching/robbery or if simply his/her card is misplaced then he/she can easily become a victim of the hacker/fraudster as they can make transactions with the help of a hold on the card. The card may not be used to make ATM Transactions due to PIN Code Security but still the fraudsters can make online purchases as much as they want in case if the victim has not yet got his/her card blocked by dialing bank’s helpline.
8. How to Protect your Debit / Credit Card:
There is a variety of precautions that one can take to protect his/her card or information and to avoid becoming a scam/fraud victim. Let’s get started:
9. Use Bank ATM:
Bank ATMs are always considered as a better option than others, that are installed at Shopping Malls, Bus Terminals, Restaurants etc. Bank ATM has better security i.e (Video Cameras, Security Guards etc.) than other places.
10. Protect your Mobile/Computer:
It is highly recommended by the experts to use Firewall, Anti-Virus and Anti-Spyware Programs on your Laptops, Computers and Mobile Devices and keep updating them regularly to avoid becoming a fraud victim.
11. Do not make Purchases With Debit Card:
Making purchases with Debit Card is not considered as safe as a Credit Card. So, always use a Credit Card instead to make purchases as it offers greater protection and security against scam.
12. Sign-up for Paperless Bank Statements:
Opting for Paperless Bank Statements will definitely eliminate the risk of having bank account information leaked or stolen. Always use Diamond-Cut Shredder to discard bank statements and debit card receipts.
13. Enable SMS Alerts:
Opt for SMS Alerts Service, which is offered by all the Banks to make your account + personal information more secure. Once you start receiving banking alerts, your bank every single time will send you a notification through an SMS or via an Email when certain activity occurs on your account such as amount withdrawal details etc.
14. Destroy Previous Cards:
With the help of Diamond-Cut Shredders, it is highly recommended to destroy your old debit / credit cards, once you receive your new / valid card as your previous cards may put your personal information at risk.
15. Always Choose a Secured Network:
Never do financial transactions online while using Mobile Phones or Computers at public places or over public Wifi or other unsecured networks.
16. Only give information to trusted sources:
Never share your account information with anyone over a phone call as there are scammers who pretend to be associated with a bank and ask for your account number & PIN code. Bank never asks to share your PIN Code or any other sensitive information over phone calls.
17. Update PIN Regularly:
Updating your PIN Code after every 3, 4 months is a good practice. This way, you can easily keep your personal information as well as money safe and can also avoid becoming a victim of cyber attacks.
18. Do not keep your Money in one place:
It is always a better option to keep your money in different accounts / sources so that, unfortunately if your checking account gets compromised, you will still be able to access your cash from another account / source to meet your financial necessities.
19. What to Do if your Account / Card gets compromised:
Immediately, contact your bank, when you know that your card or account information has been compromised or if you notice any unknown transactions, to limit the damage that the hacker may do. Ask your bank to restore the fraudulently withdrawn amount back to your account.
So, these were the latest guidelines which may help you to secure your account or debit / credit cards. Always try to follow the precautions that are mentioned above to avoid becoming a victim of any unpleasant situation.
This post was last modified on July 8, 2019 8:54 am