- Date : 03/04/2023
- Read: 4 mins
These personal finance tips teach you how to keep your money safe and secure. Avoid fraudsters and scamsters, and invest with confidence.
You are just going on with your day like usual, only to recieve one notification that is about to change your life.
"URGENT! This message is to inform you that your bank account is in danger of getting suspended today. To prevent deactivation, please update your KYC/PAN details now by clicking on the link below. "
Protecting your money in today's digital age is crucial, but phishing scams and fake messages make it challenging to remain vigilant. Recently, many bank customers have fallen victim to viral bank phishing SMS scams, leaving them vulnerable to financial threats. This article raises awareness of the dire consequences of fake SMSs and provides practical tips to avoid falling victim to scammers.
Here are some specific ways you can deal with fake calls, SMS & emails from your bank and keep your finances safe:
Unknown Numbers? Verify the Caller's Identity
Always check the caller ID before picking up a call from your bank. Be extra cautious if the number is unknown, as it could be a scammer. Banks usually use verified phone numbers, so be suspicious of calls from unknown numbers.
Ask for their full name, department, and employee ID. Write down the information and then call your bank's customer service line to verify that the person is a genuine employee. Do not call back the number provided by the caller, as it could be fake.
Be alert about your sensitive information
Your bank will never ask for data such as account number, credit card details, password, PIN or OTP over the phone. If you receive such a request, you can just hang up and call your bank directly using a verified phone number.
Do Not Enter or share PIN or OTP
You receive a harmless SMS and immediately obey the scammer's instructions to share them over the phone. Well, you may be about to be robbed. If someone claiming to be from your bank asks you to enter your PIN or OTP, please hang up as soon as possible. Scammers commonly use this tactic to gain access to your account.
Be Wary of Urgent or Threatening Language
Scammers often use language intended to panic or frighten you into giving them sensitive information. If the caller is urging you to act urgently or making threats about your account, please be extra careful. Always reason rather than give in their act.
Monitor Your Accounts Regularly
Regularly monitor your bank and credit card accounts for any suspicious activity. If you notice any unauthorised transactions or activity, report it to your bank immediately. Also, be sure to keep all account-related documents in a secure place.
Stay Informed and Educated
Read the latest scams and fraud tactics by following your bank's social media channels and newsletters. You can also subscribe to personal finance blogs to stay informed about the latest news and trends in the industry.
Also Read: RBI's list on scammers' way to steal your money.
If you fall victim to a scam, acting quickly to minimise the damage is essential.
Here are the top 3 steps you should take to save yourself from losing more money:
- Please reach out to your bank and report the incident: Your bank will be able to take appropriate measures to prevent any further unauthorised transactions on your account. They may also be able to recover any money that has already been lost.
- Please contact the police: Report the scam to your local police station or cyber cell right away. They will aid in legal action against the fraudsters.
- Change your passwords and notify your bank: If you give away sensitive information such as your PIN, password, or OTP, it's essential to change them immediately. Notify your bank so that they can take appropriate action to safeguard your account.
You are just going on with your day like usual, only to recieve one notification that is about to change your life.
"URGENT! This message is to inform you that your bank account is in danger of getting suspended today. To prevent deactivation, please update your KYC/PAN details now by clicking on the link below. "
Protecting your money in today's digital age is crucial, but phishing scams and fake messages make it challenging to remain vigilant. Recently, many bank customers have fallen victim to viral bank phishing SMS scams, leaving them vulnerable to financial threats. This article raises awareness of the dire consequences of fake SMSs and provides practical tips to avoid falling victim to scammers.
Here are some specific ways you can deal with fake calls, SMS & emails from your bank and keep your finances safe:
Unknown Numbers? Verify the Caller's Identity
Always check the caller ID before picking up a call from your bank. Be extra cautious if the number is unknown, as it could be a scammer. Banks usually use verified phone numbers, so be suspicious of calls from unknown numbers.
Ask for their full name, department, and employee ID. Write down the information and then call your bank's customer service line to verify that the person is a genuine employee. Do not call back the number provided by the caller, as it could be fake.
Be alert about your sensitive information
Your bank will never ask for data such as account number, credit card details, password, PIN or OTP over the phone. If you receive such a request, you can just hang up and call your bank directly using a verified phone number.
Do Not Enter or share PIN or OTP
You receive a harmless SMS and immediately obey the scammer's instructions to share them over the phone. Well, you may be about to be robbed. If someone claiming to be from your bank asks you to enter your PIN or OTP, please hang up as soon as possible. Scammers commonly use this tactic to gain access to your account.
Be Wary of Urgent or Threatening Language
Scammers often use language intended to panic or frighten you into giving them sensitive information. If the caller is urging you to act urgently or making threats about your account, please be extra careful. Always reason rather than give in their act.
Monitor Your Accounts Regularly
Regularly monitor your bank and credit card accounts for any suspicious activity. If you notice any unauthorised transactions or activity, report it to your bank immediately. Also, be sure to keep all account-related documents in a secure place.
Stay Informed and Educated
Read the latest scams and fraud tactics by following your bank's social media channels and newsletters. You can also subscribe to personal finance blogs to stay informed about the latest news and trends in the industry.
Also Read: RBI's list on scammers' way to steal your money.
If you fall victim to a scam, acting quickly to minimise the damage is essential.
Here are the top 3 steps you should take to save yourself from losing more money:
- Please reach out to your bank and report the incident: Your bank will be able to take appropriate measures to prevent any further unauthorised transactions on your account. They may also be able to recover any money that has already been lost.
- Please contact the police: Report the scam to your local police station or cyber cell right away. They will aid in legal action against the fraudsters.
- Change your passwords and notify your bank: If you give away sensitive information such as your PIN, password, or OTP, it's essential to change them immediately. Notify your bank so that they can take appropriate action to safeguard your account.
